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2016 (6) TMI 905 - HC - VAT and Sales TaxReversal of Input Tax Credit on the estimated invisible loss of input used in the course of manufacture as per Section 19(5)(ii) of the TNVAT Act. - Reversal of credit towards interstate sales without C forms - Held that:- The Assessing Officer did not embark a fact finding exercise to ascertain the quantum of loss of the goods which were purchased on which the tax was paid vis-a-vis the goods manufactured from and out of the goods purchased. No endeavor was made in this regard. Therefore, this Court has to necessarily interfere with the said finding with regard to the invisible loss in the process of manufacture which has now been fixed by the Assessing Officer at 4%. - AO has committed an error by adopting an Adhoc percentage. - Matter remanded back. Reversal of credit towards interstate sales without C forms - Held that:- AO directed to comply with the direction issued by the revisional authority viz., the Joint Commissioner (CT)
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