JUDGMENT :

Biswajit Mohanty, J.

The petitioner, who happens to be a Private Limited Company, has filed the present writ application praying for quashing of notice dated 17.5.2012 issued by opposite party no.3 under Annexure-7 initiating the reassessment proceeding for the period 1.4.2008 to 31.3.2011 under Section-43 of the Orissa Value Added Tax Act, 2004, for short “OVAT Act” and consequent reassessment order dated 26.11.2012 under Annexure-11 passed for the above noted period imposing tax to the tune of Rs.132,37,45,137/- and penalty to the tune of Rs.264,74,90,274/- as well as consequential Demand Notice dated 26.11.2012.

2. The case of the petitioner is that initially the Mining Lease Deed dated 14.8.2001 for operation of Thakurani Block-B, Iron Ore Mines comprising M.L. area over 947.046 hectares was executed in favour of Sunder Lal Sarda and Mohan Lal Sarda. Initially, the mining activities were undertaken by the lessee and the “Run of Mines” for short, “ROM”, which is otherwise called as mother earth of Iron Ore consisting of raw unprocessed ores in its natural state obtained after blasting or digging was excavated and handed over to M/s. Jindal Steel & Power Limited, for shor