The Lucknow bench of Allahabad High Court on Friday allowed a writ petition of Reliance Industries and five others challenging a state government order by which value added tax (VAT) was imposed on natural gas purchased by the firms.
The court quashed the order dated June 11,2010,and set aside all consequential orders passed or notices issued to the petitioners,and directed the state to refund the tax. The bench passed the order while hearings six writ petitions of RIL,Kribhco Shyam Fertilizers,Tata Chemicals,Indo Gulf Fertilisers,NTPC Dadri and NTPC Auraiya.
The petitioner argued that since they had paid CST,VAT could not be imposed,more so when inter-state trade is covered under Section 3 of the CST Act.
Bharti working on listing tower biz
Bharti Enterprises on Friday said a committee of directors is looking at the details of the listing of its telecom towers unit Bharti Infratel but did not give a timeline for the initial public offer. It said the draft prospectus could be filed this fiscal if the committee finalises the modalities.