The court's decision emphasized the importance of Form F submission in reassessment proceedings and provided guidance on penalty/interest waiver and reassessment in the absence of Form F.

ORDER

1. Shri Yunus Malik, Advocate, appearing on behalf of the assessee, on instructions, states that the appellant assessee will submit itself to the reassessment proceedings which are pending final disposal. The assessee will file Form F with the authority concerned within ten weeks from today. On expiry of the period of ten weeks the assessing officer will 'take up reassessment proceedings which will be completed within a period of three months, thereafter.

2. At this stage, it may be mentioned that on the scope and applicability of Section 6-A of the Central Sales Tax Act, 1956, there exists difference of opinion between the various Sales Tax Collectors in the country and therefore since the appellant is now ready to file Form F we are directing the assessing officer not to impose penalty/interest in the reassessment proceedings as a one-time waiver. Needless to add that waiver of penalty and interest shall be admissible only on Form F being furnished by the assessee within the prescribed period.

3. We are informed that certain State(s) within whose jurisdiction the transferee is located is/are not issuing Form F. In such an eventuality it would be open to the assessing officer to complete reassessment proceedings on its own merits after examining the transaction between the parties, keeping in mind the circumstances that the assessee is not in a position to obtain Form F, for no fault of his.

4. Accordingly, this civil appeal is disposed of with no order as to costs.