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Court allows writ petitions, remits ITC issue for reconsideration. Appeal liberty granted with payment. Entertain appeal without limitation. The court partly allowed the writ petitions, setting aside the impugned orders and remitting the issue of ITC reversal for Stock Transfer covered by Form ...
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Court allows writ petitions, remits ITC issue for reconsideration. Appeal liberty granted with payment. Entertain appeal without limitation.
The court partly allowed the writ petitions, setting aside the impugned orders and remitting the issue of ITC reversal for Stock Transfer covered by Form F back to the Assessing Officer for reconsideration in light of the relevant notification. The petitioner was granted liberty to file an appeal for other issues, given that they had already paid 10% of the disputed amount. The court directed that if an appeal is filed within thirty days, it should be entertained without limitation constraints, and the Appellate Authority should consider the amount already paid by the petitioner. No costs were awarded, and the connected miscellaneous petitions were closed as a consequence of the judgment.
Issues: Challenge to Assessment Order for years 2010-11 to 2013-14 regarding reversal of Input Tax Credit for stock transfer covered by Form F under TNVAT Act, 2006.
Analysis: The petitioner, a registered dealer under TNVAT Act, challenged the Assessment Order for the mentioned years, primarily focusing on the reversal of Input Tax Credit for stock transfer covered by Form F. The court noted a recent amendment to the Act, specifying a separate column for Stock Transfer/Consignment sales without Form F-Section 19(2). Despite the petitioner not informing the Assessing Officer about this amendment, the court observed that the Officer also seemed unaware of it. Consequently, the court remitted the matter back to the Assessing Officer for fresh consideration, emphasizing the importance of the notification issued by the Government in January 2016.
The court partly allowed the writ petitions, setting aside the impugned orders and remitting the issue of ITC reversal for Stock Transfer covered by Form F back to the Assessing Officer for reconsideration in light of the relevant notification. The petitioner was granted liberty to file an appeal for other issues, given that they had already paid 10% of the disputed amount. The court directed that if an appeal is filed within thirty days, it should be entertained without limitation constraints, and the Appellate Authority should consider the amount already paid by the petitioner. No costs were awarded, and the connected miscellaneous petitions were closed as a consequence of the judgment.
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