this regard we have to consider
the scope of Section 50 and Section 50B of the Act. In our view
assessee's claim ... Sections 48
and 49 net worth has to be computed in terms of explanation 1 of
the said Section. The capital gain under Section 50B
slump sale falling under
Section 2(42C) of the Act assessable under Section 50B of the Act
which came into force with effect from ... sale of
such assets. However, after the introduction of Section 2(42C) and
Section 50B, slump sale has to be assessed strictily in accordance
with
sale
of the same attracts tax on short term capital gains under Section 50 of
the Act. On second appeal filed by the assessee ... short term capital
gains by virtue of operation of Sections 50 , 50A and 50B of the Act.
We therefore proceed to decide the matter
even filed certificate of accounts in Form 50A
and Form 50B in terms of Section 27A of the KGST Act. Even
though appeal is filed ... Officer for fresh assessment based on
records. However, since Form 50A and 50B certificates of accounts
are not furnished, I feel some time
cancelled the assessments on the wrong
assumption that assessments were made under Section 5(2) on the
products sold under the brand name without issuing ... same was completed without issuing a proposal for
assessment under Section 5(2) . Learned counsel for the assessee,
on the other hand, contended that assessment
whereunder the
Commissioner has re-fixed the penalty levied on petitioner under
Section 45A at 1= times of tax on turn over tax evaded ... Made Foreign
Liquor, filed return without disclosing full turn over. However, Form
50B statement of accounts filed by the petitioner shows the
difference between returned
M/S.Sunny Jacob Jewellers And Wedding vs The State Of Kerala on 25 November
