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2019 (2) TMI 549 - KERALA HIGH COURTNon-speaking order - application of the annual ratio of total production/stock transfer value to determine reverse tax - goods are purchased and input claimed/stock transfer effected on a monthly basis - reversal of input tax credit on monthly basis - sub-clause (iv) of rule 39(5) of the Kerala Value Added tax Rules, 2005 - Held that:- We do not think that the aforesaid provision would apply especially since it is on audit assessment. However, the general scheme of best judgment assessment, which is indicated from the above provision would be applicable even if it is not an audit assessment - We are of the opinion that the matter has to be re-done by the Assessing Officer (AO) computing the input-tax credit on a monthly basis with reference to the reversal made by the assessee itself on the next month. The Tribunal has not considered the issue at all and there is total lack of application of mind - the matter should be considered by the AO itself - decided against Revenue and in favor of assessee.
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