Home Case Index All Cases VAT and Sales Tax VAT and Sales Tax + HC VAT and Sales Tax - 2016 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (8) TMI 1336 - HC - VAT and Sales TaxBenefit of Input Rebate - whether based on the ground that invoices were issued after the Financial Year, can the benefit be denied to the petitioner when the transaction did take place during the Financial Year i.e… period between 1.4.2012 to 31.3.2013? Held that: - The actual payment of the installment and the tax component is in the Financial Year and if the actual payment of duty or tax is in the Financial Year, merely because the invoice is issued on a subsequent date, may be after the Financial Year, the question would be as to whether the benefit can be denied to the petitioner. Even if the invoice is of a particular date, may be after the Financial Year, but the invoice did evidence payment of duty and conclusion of the transaction as per the contract during the Financial Year. That being the factual position, there is no reason as to why „input rebate‟ cannot be granted, when the transaction has infact occurred during the Financial Year and the duty or tax paid during the Financial Year, which is admissible to a set off or input rebate. Petition allowed - Impugned orders of assessment stand quashed, and the Assessing Officer is directed to grant „input rebate‟ for the transaction, which infact had taken place during the Assessment Year in question.
|