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 Bhasin moved an application with the Regional Manager, Pradeshiya Industrial and Investment Corporation of U.P. Limited ("the PICUP") for the grant of term loan for the purpose of setting up an industrial unit. An application was also moved to the Regional Manager, the UPSIDC on April 20, 1994 for the term loan. Admittedly, applications for the allotment of land and the term loan were moved by Shri Arvind Kumar Bhasin in his individual capacity and not on behalf of the company. It is claimed that on May 19, 1997 Shri Arvind Kumar Bhasin wrote a letter to the Regional Manager, UPSIDC that he proposed to set up a unit of paint and synthetic resins at the allotted plot and requested to be informed about the necessary formalities. Shri Arvind Kumar Bhasin had also filed applications with the Director of Industries on July 9, 1997 and October 9, 1997 for the registration as SSI unit. On November 19, 1997 provisional registration certificate was issued by the Director of Industries for SSI unit for the manufacturing of synthetic resins. The said certificate was issued in the name of Shri Arvind Kumar Bhasin and not in the name of the company. In the registration certificate paint was not mentioned. It is claimed that after full and final payment of Rs. 26.87 lacs, the allotted land was duly registered in favour of the applicant - company. The applicant - company made investment towards the land, building, plant and machinery and commercial production was commenced on October 30, 2001 and first sale was made on November 16, 2001. The intimation about fulfilling of the conditions and for the claim of exemption has been given by post on January 10, 2002 under the certificate of posting to the trade tax authority. The trade tax authority denied to have received any such intimation. Since in the registration certificate paint was not mentioned, an application was moved on October 28, 1998 for the amendment in the SSI registration certificate with the request to add "paints". The amended SSI registration certificate was issued on March 13, 2001/March 21, 2002, in which both the synthetic resins and paints were mentioned. As per the order of the Tribunal, the application for the change of proprietorship business to private limited company was moved on October 27, 1997, which was allowed only vide letter dated January 22, 2000. On the conversion to the private limited company from the proprietorship business, Shri Arvind Kumar Bhasin became the Managing Director of the company. Thereafter, company applied for the term loan. After May 26, 2002 an application was moved for the exemption on the turnover of the manufactured product under section 4A of the Act. On the receipt of the application, it was processed and thereafter, show cause notice was issued by the Divisional