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2017 (11) TMI 1876 - HC - VAT and Sales TaxReversal of input tax credit - levy of penalty - business of buying and selling export/import licences such as REP licence and DEPB licence etc. - petitioner's case is that these licences fall under Entry 70 of Part B of First Schedule to the TNVAT Act and taxable at the rate of 5% - it was stated that the petitioner cannot claim input tax credit unless he satisfies that the tax paid or payable was in respect of goods specified in the First Schedule - HELD THAT:- This Court is of the considered view that the assessing officer should re-consider the matter afresh taking note of the factual issues, as to whether the assessment for the years 2007-08 to 2010-11 is barred by limitation, the advance ruling dated 25.07.2012 in ACAAR 14/2012-13, the clarification issued by the Commissioner of Commercial Taxes dated 28.06.2007 - Petition allowed by way of remand.
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