INTERNATIONAL TRACTORS LIMITED Vs. STATE OF PUNJAB

JUDGEMENT

(1.) THIS appeal has been preferred by the appellant -assessee under section 68 of the Punjab Value Added Tax Act, 2005 (in short, "the Punjab VAT Act") against the order dated July 11, 2008, annexure A7 passed by the Punjab Value Added Tax Tribunal, Chandigarh (for brevity, "the Tribunal"), proposing to raise the following substantial questions of law for determination of this court:

(2.) WE have heard learned counsel for the parties and perused the record.

(3.) ON the other hand, learned counsel for the State besides supporting the order passed by the Tribunal submitted that the surcharge was to be calculated on the net sales made by the assessee and had been rightly reduced from the exemption limit which was allowed to the assessee.