- (1.) Heard Sri Bharat Ji Agarwal, Senior Advocate, assisted by Sri Shubham Agarwal, learned counsel appearing for the assessee revisionist and Sri B.K. Pandey, learned Standing Counsel for the respondent. This revision under Section 11 of the UP. Trade Tax Act, 1948 (hereinafter referred to as the U.P. Act) is directed against the order of the tribunal dated 25.2.2004 in connection with the assessment year 1997-98 under the Central Sales Act, 1956 (hereinafter referred to as the Central Act)
(2.) The assessee revisionist is manufacturing electronic goods and is engaged sale of those items also. It's manufacturing units are situate in Noida and Greater Noida. The assessee revisionist undertook expansion of its units and there is no dispute that it was granted eligibility certificate under Section 4A of the U.P. Act in respect to the expansion and the date of production and the first sale happens to be before 5.5.1997.
(3.) Under the notification No. 781 dated 31.3.1995 issued under Section 8 of the Central Act the assessee revisionist was entitle to exemption/rebate on the tax for the first 10 years of the production/sale as prescribed in annexure-1 to the said notification. Column 4 of annexure-1 to the said notification provides that the exemption or reduction in the rate of tax on any transaction of sale shall not exceed 5% of the sale price and it shall be as percentage of the rate of tax normally applicable under the U.P. Act.;