Reassessing time barred assessment based on subsequent CAG report not justifiable

State of Kerala Vs Chowdhary Rubber & Chemicals Pvt. Ltd (Kerala High Court) Kerala High Court held that revenue cannot proceed to re-assess, on the basis of subsequent CAG report, the assessment which was time barred by virtue of limitation provisions u/s. 25(1) of the KVAT Act. Facts-The main issue that arises for consideration is whether notwithstanding the fact that the completion of an assessment under the Kerala Value Added Tax Act [hereinafter referred to as the “KVAT Act”] has become barred by limitation under Section 25(1) of the KVAT Act, the mere fact that a notice is issued...