Vat on Builders

The Bombay High Court today dismissed a bunch of petitions filed by builders against two circulars of the Maharashtra Sales Tax department which levied VAT on all property transactions between 2006 and 2010.

No reasessment after four years from the expiry from relevant assessment year if income escaping assessment is less than 1 lakh

ITAT Asr 31-10-2012  in I.T.A. Nos.522 & 523 (Asr)/2011 Harniranjan Kaur
Cases relied upon:

1) CIT vs. Atlas Cycle 180 ITR 319 (P&H)
2) Sagar Enterprises vs. CIT 257 ITR 335 (P&H)
3) Prashant S. Joshi vs. ITO 324 ITR 154 (Bombay)
4) P.V. Doshi vs. CIT 113 ITR 22 ( Gujarat)
5) Smt. Meera Ananta Naik  Ors vs. DCIT 221 CTR 149 (Bom.)

Appeal is liable to be dismissed for non presence of counsel

Held by ITAT Asr in ITA 246 & 247/2010 on 30-10-2012:
The law assists those who are vigilant and not those who sleep over their rights. This principle is
embodied in the well known dictum “VIGILANTIBUS, NON DORMENTIBUS, JURA SUBVENIUNT’. Considering the facts and keeping in mind the provisions of Rule 19(2) of the Appellate Tribunal
Rules and by relying on the decision of the ITAT Delhi Bench, in the case of C.I.T. Vs. Multiplan India Ltd; 38-ITD-320 and the judgment of the Hon’ble Madhya Pradesh High Court in the case of Estate of Late Tukoji Rao Holkar Vs. CWT (1997) 223-ITR-480,  the appeals are dismissed for want of prosecution

SLP filed against decision of High Court

SLP filed against decision of High Court even if admitted by SC is of no avail unless order of High Court is stayed by SC
ITA (Asr)/65/2010 dated Vinod Jain c/o VK Metals and ITA 68/2010 Balaji Rosins (SB) 26-10-2012