Pankaj Mithal, J. - (1.) THE Revenue has preferred this revision under Section of the U. P. Trade Tax Act, 1948 (hereinafter for short, "the Act") against the order of the Trade Tax Tribunal, Kanpur, dated June 28, 2002, whereunder the Assessee/opposite party has been allowed the benefit of set -off under Section 4BB of the Act.
(2.) THE dispute in this revision relates to the assessment year 1998 -99. The Assessee/opposite party is a registered dealer under the Act and is engaged in the business of manufacture and sale of the iron and steel goods and for the aforesaid purposes it purchases raw material from the other dealers specially M/s. Mahaveer Rolling Mills (P) Ltd. The said dealer has been granted full exemption from the tax under Section 4A of the Act. The Assessee/opposite party having purchased raw material from the aforesaid dealer was allowed the benefit of set -off on its finished goods.
(3.) IT has been contended by the learned standing counsel that until and unless all the conditions enumerated under Section 4BB of the Act are fulfilled, the Assessee/opposite party is not entitle to any benefit of set -off and as there is no actual payment of any tax on the raw material purchased, the Tribunal was not justified in granting the benefit of set -off to the Assessee/opposite party.;