PERFECT INDUSTRIES Vs. STATE OF PUNJAB

JUDGEMENT

(1.) This appeal has been preferred by the appellant-assessee under section 68(1) of the Punjab Value Added Tax Act, 2005 (in short "the Act") against the order dated April 2, 2012, annexure A5, passed by the Value Added Tax Tribunal, Punjab (in short, "the Tribunal"), proposing to raise following substantial questions of law:

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

(3.) The learned counsel for the State submitted that the goods which were impounded had been put to auction and had been purchased by M/s. Trishul Wood Pvt. Limited, Mohali for a sum of Rs. 36,71,000. This fact was not disputed by learned counsel for the appellant. Learned Additional Advocate-General, Punjab, on instructions from Shri Abhishek Duggal, ETO, Mobile Wing Chandigarh, present in court, had agreed that the amount recovered on account of sale of goods valuing Rs. 36,71,000 would be adjusted towards the liability of the assessee and the excess amount shall be released within one month. Learned counsel for the appellant had also agreed to the same. In view of the above, the appeal stands disposed of by permitting the State to adjust the amount of liability from the sale consideration of Rs. 36,71,000 and to release the excess amount to the appellant within one month from the date of receipt of a copy of this order.