Home Case Index All Cases VAT and Sales Tax VAT and Sales Tax + HC VAT and Sales Tax - 2016 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (7) TMI 140 - HC - VAT and Sales TaxInput tax credit - invisible loss during manufacturing - Held that:- the assessing authorities are not justified in adopting uniform percentage as invisible loss and calling upon the dealer to reverse the input-tax credit availed of to that extent. Consequently, all notices issued to the petitioner for reopening and all consequential order passed reversing the input-tax credit to the extent of either four percent or five percent or on ad hoc percentage stands set aside. However, liberty is granted to the concerned assessing officer to issue appropriate show-cause notices to the petitioners clearly setting out under what circumstances they propose to revise or call upon the petitioner to reverse refund sanctioned and after inviting objections proceed in accordance with law. - Decision in the case of Interfit Techno Products Ltd. [2015 (4) TMI 935 - MADRAS HIGH COURT] followed. - Matter remanded back - Decided in favor of petitioner.
|