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2020 (6) TMI 10 - HC - VAT and Sales TaxInput Tax Credit - manufacturing loss, but also goods which were traded by the petitioner sold as such - HELD THAT:- The issue as to whether the petitioner was liable to pay /revise Input Tax Credit availed on various goods manufactured, is now covered by a decision of this Court in M/S. RAN INDIA STEELS (P) LTD. VERSUS THE PRINCIPAL SECRETARY / COMMISSIONER OF COMMERCIAL TAXES, THE COMMERCIAL TAX OFFICER (FAC) , CHENNAI [2019 (12) TMI 1305 - MADRAS HIGH COURT] where it was held that there is no scope for reversal of input tax credit on inputs which get consumed during the course of manufacture as “invisible loss”. There is no question to denying Input Tax credit availed on goods manufactured and traded by the petitioner unless they were contrary to other provisions of the order. Since the respondent also included the turnover purportedly purchased by the petitioner and sold while confirming the demand, the impugned orders need to be aside. Petition disposed off.
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