VIKRAM NATH, J. - (1.) HEARD Sri Shubham Agarwal, learned Counsel for the revisionist and Sri B.K. Pandey, learned Standing Counsel appearing for the department.
(2.) THE dispute relates to the assessment year 1998 -99 (Central). The questions of law sought to be raised in the revisions are as follows: 1. Whether the Tribunal was justified in redetermining/rectifying the rate of tax on Central sales of cotton yarn under Section 22 of the Act, which is debatable question and involved change of mind? 2. Whether the Tribunal was justified in not accepting/granting benefit of form C, filed before the first appellate authority along with Section 12B application and denying the concessional rate of tax of two per cent on the sale of cotton yarn covered by C form? 3. Whether the Tribunal was justified in upholding the order dated June 29, 2002, passed by the assessing authority under Section 22 of the Act, which is outside the purview of the power vested under Section 22 of the Act? 4. Whether the Tribunal was justified in confirming levy of interest when the applicant was bona fidely disputing the rate of tax and had filed C forms before the first appellate authority? The applicant is involved in the business of manufacturing of cotton yarn, synthetic yarn and fabrics. It is registered under the U.P. Trade Tax Act, 1948 and the Central Sales Tax Act, 1956.
(3.) SRI Shubham Agarwal, the learned Counsel for the applicant, has at the outset stated that he will press only question No. 2 relating to rejection of his application under Section 12B of the U.P. Trade Tax Act, whereby 12 form C submitted by it at the first appellate stage were not accepted. The result of rejection of the said application is that the tax liability on the amount of sales covered by the said form C would be taxable at the rate of four per cent; otherwise if the application was allowed and the 12 form C submitted by it had been accepted, the tax would be charged at the rate of two per cent. All the other questions framed in the memo of the revision are not being pressed.;