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2010 (5) TMI 754 - ALLAHABAD HIGH COURTWhether under the facts and circumstances the assessee is entitle to set-off under section 4BB of the Act from the gross turnover of the purchase value of the raw material which the assessee has purchased from the dealer who is exempt from payment of tax under section 4A of the Act? Held that:- The dealer, M/s. Mahaveer Iron Industry Pvt. Ltd., who has been given full exemption under section 4A of the Act was assessed to tax on the material sold to the assessee/revisionist and the tax so assessed on the sale of the said goods was deducted from his eligibility amount. Accordingly, it amounts to the payment of tax by way of adjustment. Section 4BB has not prescribed the manner of payment of tax and manner of payment cannot be confined to payment by actual tender but it would include payment of tax by adjustment also. In favour of assessee.
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