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2024 (1) TMI 1103 - MADRAS HIGH COURTInput Tax Credit (ITC) claim - Denial of ITC for non-payment to suppliers exceeding 180 days - petitioner submits that the impugned order came to be issued on the basis of the total trade payables of the petitioner - HELD THAT:- Under the Companies Act, 2013, every company is required to file financial statements in respect of its entire operations and there is no provision for filing State-specific financial statements. However, the petitioner has submitted a certificate from a Chartered Accountant stating that the trade payables attributable to the State of Tamil Nadu are Rs. 1816.48 millions. Learned counsel for the petitioner also submits that the petitioner would provide all the invoices issued by the suppliers with regard to the aggregate sum of Rs. 1816.48 millions. The assessing authority has clearly not applied its mind before drawing the conclusions - the impugned order is liable to be and is hereby quashed. Consequently, the matter is remanded for reconsideration by the assessing authority. Petition allowed by way of remand.
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