Restriction and conditions governing tax credit (sections 9(1), 9(2), 10(5))

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..... ons laid down in clause (g) of sub-section (2) of section 9 of the Act are also satisfied. 3 [(3) The provisions of sub-section (5) of section 10 of the Act relating to proportionate reduction of tax credit on purchases of goods sold at a price lower than the purchase price shall not apply to a case where in the ordinary course of business the goods are sold by a dealer at a loss or wh .....

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..... under sub-section (1) of section 9 the Act to the extent of proportion of the goods which have been put to sale during the tax period, the input tax credit on the closing stock available with the dealer of the end of the every tax period shall be carried forward to the next tax period or the following tax period or periods, as the case may be, till such stock is sold by the dealer: Provided tha .....

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..... ld at a price lower than the purchase price shall apply to the cases where, during the tax period, the dealer receives credit note or notes from the selling dealer on account of discount, commission, rebate, remission in piece or incentive, or by whatever name called. Explanation - For removal of doubt , it is hereby clarified that the provisions of sub-section (5) of section 10 of the Ac .....

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