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of <h1>SC upholds denial of VAT Input Tax Credit refund under Section 143(8)(b), allowing only set-off against output tax</h1> <h3>M/s GRAPHITE INDIA LIMITED Versus THE STATE OF BIHAR & ORS.</h3> The SC dismissed the SLP challenging the HC's order rejecting the petitioner's claim for refund of Input Tax Credit accrued under the VAT regime during ... Refund of Input Tax Credit (ITC) accrued to the petitioner under the Value Added Tax (VAT) regime - Transition to GST regime - petitioner’s contention based on Section 143(8)(b) is that when an assessment is carried out and a refund is ordered then necessarily, the same shall be refunded to the assesee as per clause (8)(b) of Section 142 - it was held by High Court that 'There are no reason to interfere with the order rejecting the claim for refund, which refund in any event is not applicable, and the petitioner can only claim ITC as set-off against the output tax.' HELD THAT:- There are no good reason to interfere with the impugned order passed by the High Court. SLP dismissed. Delay condoned. Upon hearing counsel and reviewing the record, the Court found 'no good reason to interfere with the impugned order passed by the High Court.' The Special Leave Petition was therefore dismissed: 'The Special Leave Petition is, accordingly, dismissed.' All pending applications were also disposed of. The decision rests on appellate restraint-after consideration of submissions and materials, the Court declined to upset the High Court's order, without further elaboration of errors warranting interference.
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