51. Claim and grant of set-off in respect of purchases held in stock in the appointed day.
(1) Notwithstanding anything contained in rules 53 and 54, while assessing the amount of
tax, payable by any registered dealer in respect of any period starting on or after the 1st April 2005 but ending on or before the 31st March 2006, the Commissioner shall in respect of the purchases or, as the case may be, entry of any goods made by the registered dealer (hereinafter in this rule referred to as
the claimant dealer at any time on or before the 31st March 2005 and held in stock by him on 31st March 2005 at the close of business, grant him a set- off of an amount equal to the aggregate of the following sums that is to
say,
(a) in respect of the said purchases covered by the Bombay
Sales Tax Act, 1959, a sum calculated in accordance with rule 44D of the Bombay Sales Tax Rules, 1959, as the rule stood immediately before the appointed day, if the conditions specified in the said Act and Rule are fulfilled.
(b) in respect of purchases covered by any of the earlier laws other than the Bombay Sales Tax Act, 1959, a sum collected separately from the claimant dealer by the other registered dealer or, as the case may be, person holding licence, by way of tax on the purchase made by him from the other registered dealer or, as the case may be, person holding licence, of the said goods,
(c) any sum paid by the dealer on his purchases or, as the case may be, the entry of goods, under the Maharashtra Tax on Entry of Motor Vehicles into the Local Areas Act, 1987 or the Maharashtra Tax on the Entry of Goods into the Local Areas Act, 2002.
(2) No set-off shall be allowed under this rule,
(a) in respect of any purchase or entry of goods if the claimant dealer has claimed set-off, drawback or, as the case may be, refund in respect of the said purchase or entry under any earlier law, and
(b) unless the goods are resold on or after the 1st April
2005 and on or before the 31st December 2005 or are used in the packing of goods so resold 2[or, as the case may be, the goods are subjected to a process enumerated in rule 3 of the Bombay Sales Tax Rules, 1959, as the rule stood immediately before the appointed day and the processed goods are sold on or before the 31st December 2005 or are used in the packing of goods so
sold;
(c) in respect of goods treated as capital assets unless the said assets are purchased on or after the 1st April 2003 or their entry in the State has taken place on or after the 1st April 2003 and are resold on or before the 31st December 2005.
Explanation For the purposes of clauses (b) and (c) the word goods resold will also include goods dispatched outside the State, to any place within India, not by reason of sale, to the
dealers own place of business or of his agent and where the claimant dealer is a commission agent, to the place of his principal or are used in the packing of goods so
dispatched.
(3) The set-off under this rule shall be claimed,
(a) in respect of capital assets only when they are resold and such claim shall be made in the return for the period in which the said capital assets are resold, and
(b) in respect of other goods in the period starting on the
1st April 2005.
(4) The set-off under this rule shall not be granted unless the claimant dealer has complied with the requirements of the notification within the time specified therein issued under section 84.
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