TMI Blog2019 (1) TMI 611X X X X Extracts X X X X X X X X Extracts X X X X ..... er the Act is exclusively for the purpose of return of goods. A reading of the form and the various details enumerated therein would also indicate that, the form would take in all instances where a credit note is issued, based on which a claim is raised by an assessee. The credit note having not been issued in the prescribed form, there is no question of an input tax credit being granted with respect to the incentive, as has been held by the AO. We are of the opinion that the Tribunal has rightly confirmed the order of the AO. The question of law with respect to Circular No. 41/2007 would not arise since the assessee had not made a claim with the prescribed form. Though the amounts were disclosed in the books of account, discrepancy w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was correct in law in upholding the finding of the authorities below that the petitioner had not accounted the turnover in question especially when the same are contained in the books of accounts and documents produced by the petitioner ? 2. The petitioner/assessee is a dealer in electrical items who had claimed input-tax credit for the tax paid on purchase of goods from its manufacturer. The assessee had not disclosed any incentive having been given to the assessee by the manufacturer. However, the audited statement revealed an incentive of ₹ 11,18,322. On the input tax credit, the Assessing Officer (AO) found that there should be a reduction to that extent, especially since there was no disclosure of the incentive received in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Priya Agencies v. Commercial Tax Officer [2008] 14 VST 293 (Ker); [2008] 16 KTR 287 (Ker), the assessee is entitled to the entire input-tax credit. 5. The learned Senior Government Pleader however points out that form No. 9 is the prescribed form of credit note under the Act and in all circum-stances where a credit note is to be raised it has to be in form No. 9. It is also submitted that the assessee having not revised the return rectifying it on the basis of the audit statement filed, there could be no input tax credit claimed with respect to the incentive obtained by the assessee. It is pointed out that clause (ii) of Explanation III to section 2(lii) permits a discount only in circumstances where it is shown separately in tax invoi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for credit note under the Act is exclusively for the purpose of return of goods. A reading of the form and the various details enumerated therein would also indicate that, the form would take in all instances where a credit note is issued, based on which a claim is raised by an assessee. 8. On facts, we find that the credit note having not been issued in the prescribed form, there is no question of an input tax credit being granted with respect to the incentive, as has been held by the AO. We are of the opinion that the Tribunal has rightly confirmed the order of the AO. The credit notes as relied on by the assessee was not in Form No. 9 and as noticed by the AO, it does not contain the details that would be necessary for allowing the c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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