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2016 (8) TMI 401 - MADRAS HIGH COURTOrder of assessment – Tamil Nadu Value Added Tax Act, 2006 - industrial valves – iron and steel castings – local sale, inter-state sale and export – input tax credit – preference of set off – section 18 of TNVAT Act - Held that: - when there is no specific Rule providing the manner in which the petitioner had to be assessed to tax, which is not open to the Assessing Authority to contend that the particular mode should be adopted or that the procedure adopted by the assessee is not rational and that the Assessing Authority cannot insist on the assessee adopting a particular method which would deny them the benefit of utilization of the balance available tax deferment in its entirety, and instead of paying tax. No procedure has been prescribed with regard to the method of preference of Set-off of input tax credit. Therefore, the procedure adopted is favorable to the assessee, more particularly, in the light of the object behind the VAT regime – matter remanded – appeal set aside.
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