(1.) This petition under Articles 226 and 227 of the Constitution of India challenges an order dtd. 31/3/2021 passed by respondent no.2-Joint Commissioner of State Tax (for short, 'reviewing authority') under Sec. 25 of the Maharashtra Value Added Tax Act, 2002 (for short 'MVAT Act') exercising the review jurisdiction. By the impugned order, respondent no.2 has reviewed the order dtd. 16/3/2015 passed by the assessing officer finalizing the petitioner's assessment for the financial year 2010-11. Consequent to the impugned order, a notice of demand dtd. 31/3/2021 is issued to the petitioner under Sec. 32 of the MVAT Act, which is also assailed by the petitioner.
(2.) Thus, the primary question which arises for consideration in the present proceedings is as to whether the respondents in the facts of the case could tax sale of the petitioner's 'Base Domestic Formulation Business' as a 'going concern' (slump sale) under the provisions of the Maharashtra Value Added Tax Act, 2002.
(3.) The facts as discerned from the petition are:- During the financial year 2010-11, the petitioner entered into a Business Transfer Agreement dtd. 21/5/2010 (for short 'BTA') with one M/s. Abbott Healthcare Pvt. Ltd. (for short 'Abbott Healthcare') to sell, assign, transfer, convey and deliver to Abbott Healthcare 'the Base Domestic Formulations Business' (comprised of Healthcare Solutions business and the mass market branded formulation - (Truecare business) on a 'going concern' basis for a total cash consideration of Indian Rupees equivalent of US $ 3.72 billion.