9911796707
TMI Blog2017 (11) TMI 1617X X X X Extracts X X X X X X X X Extracts X X X X ..... 2008. In the said notice, the respondent stated that the petitioner had filed Form K return for the year 2007-08, up to December 2007, when the turnover was Rs. 49,86,142/-. Subsequently, for the months of January 2008, February 2008 and March 2008, the petitioner filed Form I returns for Rs. 10,04,720/-. The respondent has verified the Form I returns applying Section 3(4)(b) of the TNVAT Act, and granted the benefit of input tax credit for a period of 90 days and directed the petitioner to remit the balance value added tax of Rs. 3,32,294/-, along with penalty at 11.4%. The impugned notice is bad in law for several reasons. 3. Firstly, the petitioner had no opportunity to put forth his objections, such demand has been straightaway issued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding tax at 0.5 per cent. It is stated that the petitioner's turnover, however, exceeded Rs. 50 lakhs and hence, not eligible for compounded rate of tax at 0.05 per cent. The petitioner filed the form I monthly returns from April, 2007 to March, 2008 by taking credit of the tax paid on the purchases during the relevant assessment year 2007-08 and after adjusting the inputtax credit, it paid the tax under section 3(2) of the Tamil Nadu Value Added Tax Act, 2006. On December 18, 2009, the respondent determined the total and taxable turnover at Rs. 57,92,100 by accepting the turnover reported by the petitioner, but took the inputtax credit for the month of March, 2008 alone. The petitioner's grievance is that the said order is contrary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er pointed out to section 3(4) of the Tamil Nadu Value Added Tax (Second Amendment) Act, 2008 to substantiate his case as regards the availing of inputtax credit in respect of turnover exceeding Rs. 50,00,000 and the proviso introduced only under the Tamil Nadu Act 49 of 2008, that the said proviso has no application to the present case. Hence, the petitioner is entitled to have the benefit of input-tax credit, once the turnover exceeds Rs. 50,00,000 limit. Going by the Commissioner's clarification, the benefit of input-tax credit has to be extended to the assessee like the petitioner, the moment the petitioner's turnover exceeded Rs. 50,00,000 and that he would not eligible to be assessed under section 3(4) of the Tamil Nadu Value ..... X X X X Extracts X X X X X X X X Extracts X X X X
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