AMBICA STEELS LTD. Vs. STATE OF U.P.

JUDGEMENT

(1.) Shri Sorabjee, learned senior counsel appearing on behalf of the assessee, on instructions, states that the appellant - assessee will submit itself to the re-assessment proceedings initiated vide Show Cause Notice (see Annexure P-2). He further states that the assessee will file Form "F" with the Authority concerned within ten weeks from today.

(2.) On expiry of the period of ten weeks the Assessing Officer will take up re- assessment proceedings which will be completed within a period of three months, thereafter.

(3.) At this stage, it may be mentioned that on the scope and applicability of Section 6A of the Central Sales Tax Act, 1956, there exists difference of opinion between the various Sales Tax Collectors in the country and therefore since the Appellant is now ready to file Form "F", we are directing the Assessing Officer not to impose penalty/interest, in the re-assessment proceedings as one time waiver. Needless to add that waiver of penalty and interest shall be admissible only on Form "F" being furnished by the assessee within the prescribed period.