Home Case Index All Cases VAT and Sales Tax VAT and Sales Tax + HC VAT and Sales Tax - 2016 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (12) TMI 756 - HC - VAT and Sales TaxReversal of Input tax credit - stock transfers - The petitioner's case is that they never undertook a stock transfer of goods so purchased inside the State of Tamil Nadu. As a result, there was no occasion for the petitioner to reverse the Input Tax Credit under section 19(4) of the VAT Act. - Held that: - In terms of the provision under sub-section (1) of Section 63A, every registered dealer whose total turnover including zero-rate sale and sale in the course of inter-state trade or commerce as specified in section 3 of the Central Sales Tax Act, 1956, in a year, exceeds one crore rupees, shall get his accounts in respect of that year, audited by an Accountant and submit a report of such audit in the prescribed Form, duly signed and verified by the Accountant, to the Assessing authority, within such period as may be fixed. Thus, the petitioner's turnover having exceeded Rupees One Crore, they are required to file the Audit Report and they have got time to file the Audit Report i.e. within nine months from the end of the financial year and the end of the financial year was 31.03.2016. Therefore, the respondent/assessing officer has to necessarily await the Audit Report, as the statute provides time limit for the petitioner to submit the same. The impugned order is set aside and the respondent is entitled to pass final assessment order after the petitioner files the Audit Report in terms of Section 63-A of the TNVAT Act, within the time prescribed under Rule 16(1) of the TNVAT Rules and in the event the respondent for any valid reason does not accept the report, then the respondent is directed to issue show cause notice to the petitioner and proceed in accordance with law - petition allowed.
|