Rajes Kumar J. - Present revision under section 11 of the U.P. Trade Tax Act, 1948 ("the Act") is directed against the order of Full Bench of the Tribunal dated March 24, 2003.

Brief facts of the case giving rise to the present revision are that the applicant is a company incorporated under the Indian Companies Act, 1956, of which Sri Arvind Kumar Bhasin was the Managing Director. The company was incorporated in the year 1994. It appears that with the intent to establish a new unit for the manufacturing of synthetic resins and paints, Shri Arvind Kumar Bhasin applied for the allotment of industrial plot at Greater Noida with the U.P. State Industrial Development Corporation Limited ("the UPSIDC") vide letter dated January 17, 1994. After the receipt of the letter dated January 17, 1994, UPSIDC vide letter dated January 27, 1994 asked Shri Arvind Kumar Bhasin to file an application in a requisite form for the allotment of the land. In pursuance thereof, application in the proper form was furnished with the project profile showing the total investment about Rs. 73.50 lacs. On March 5, 1994 the UPSIDC allotted 4,000 sq. meters of land. On June 15, 1994 Shri Arvind Kumar Bhasi