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2014 (8) TMI 257 - GUJARAT HIGH COURTDenial of Input tax credit - Whether in case an assessee has purchased a property from a registered dealer, thus, when the assets were resold by the assessee, it was entitled to claim input tax credit on such purchases - Held that:- Tribunal has come to a factual finding that full details of sales and purchases and the tax paid was available on record, despite which, the Appellate Authority summarily dismissed the appeal observing that no such details are produced. The Tribunal came to the conclusion that the appellant had purchased the property from Cynemid, which purchases were from registered dealer, therefore, when the assets were resold by the assessee, it was entitled to claim input tax credit on such purchases. The assets were purchased by the assessee from Cynemid, and later on transferred to Atul Pharma. All the entities are registered dealers registered under the Gujarat Sales Tax Act. The deed of assignment was also produced on record, which contains all the details. So far as moveable assets are concerned, the assessee also produced invoices for the same. In such background, the Tribunal overrules the findings of the Appellate Authority that no details were furnished. These are thus pure factual findings giving rise to no question of law - Decided against Revenue.
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