BHAGWATI STEELS Vs. COMMISSIONER,COMMERCIAL TAXU P LUCKNOW

JUDGEMENT

(1.) Heard Sri Krishna Agrawal, learned counsel appearing for the revisionist and Sri B.K. Pandey, learned standing counsel for the respondents.

(2.) This batch of four revisions pertains to Assessment Years 2005-06 and 2006-07. Revisions No. 7 and 9 of 2011 pertain to the assessment proceedings taken against the revisionist, while Revision Nos. 10 and 8 of 2011 relate to the imposition of penalty. They have with the consent of parties been taken up for disposal together.

(3.) The revisionist is stated to be a dealer engaged in the business of purchase and sale of iron and steel. It was his case that he was purchasing the said articles from a firm in Punjab, whereafter the same was transported to the State of U.P. Sri Agrawal has, during the course of oral submissions, further pointed out and clarified that apart from having offices in the State of U.P, the revisionist also had branches in other States to which iron and steel so purchased was consigned. On 20 January 2006, the Commissioner, Trade Tax, U.P., issued a circular referable to the provisions of Section 8-C (3) (a) of the U.P. Trade Tax Act 1948 (Act), requiring the importers of steel to furnish security before obtaining the requisite import declaration forms. For the purposes of deposit of security, iron and steel and its products were classified into four categories, each carrying a separate rate per metric ton leviable as security thereon.