- (1.) This revision petition has been filed against the order of the Tax Board dated 22.09.2005 whereby the Tax Board while dismissing the appeal of the asseessee upheld the order of the Deputy Commissioner (Appeals), Kota dated 02.09.2003 for the assessment year 1991-92. The appellate authorities have concurrently held against the petitioner-assessee that on the sale of Hydraulic Excavator by the petitioner-assessee, a registered dealer of stones, was taxable in the hands of the petitioner-assessee, and in the absence of the non-disclosure of such transaction in the Books of Accounts and returns filed by the assessee under the Sales Tax law, the Assessing Authority imposed tax, interest and penalty under Section 16 (1) (i) of the RST Act, 1994 on the assessee by the impugned assessment order dated 04.10.1999.
(2.) Being aggrieved by the said order of learned Tax Board, the petitioner-assessee is before this Court by way of present revision petition.
(3.) Learned counsel for the petitioner-assessee, Mr. Dinesh Kumar, submitted that the petitioner-assessee had closed-down the business of sale of stones and the said Hydraulic Excavator was a capital asset of the said assessee, which was sold to its sister concern, namely, M/s Manjeet Stone Company, Kota for a sum of Rs.23 lacs for which the amount was realized by cheque; and therefore, the same was not taxable in the hands of the assessee. He further submitted that since the transaction was duly recorded in the Books of Accounts of the assessee, therefore, the petitioner-assessee was not liable to pay any penalty under Section 16 (1) (i) of the Act. He relied upon the following judgments in support of his contentions: 1.The State of Gujarat Vs. Raipur Manufacturing Co. Ltd., 1967 19 STC 1. 2Commissioner of Sales Tax, Bihar Vs. Basta Colla Colliery Co. Ltd., 1968 21 STC 454 3Commissioner of Commercial Taxes, West Bengal Vs. Krudd Industries Ltd.,1991 WBTT 127 (West Bengal Taxable Tribunal) 4 State of Orissa Vs. Orissa Road Transport Company Ltd., 1983 53 STC 329 5 Lord Venketeshwara Caterers Vs. Commercial Taxes Officer, Anti Evasion, Zone-I, Jaipur,2007 10 VST 535 6 Morarji Brothers (Import & Export) Pvt. Ltd. Vs. State of Maharashtra,1995 99 STC 117.;