TNVAT ITC reversal for manufacturer - Stay by High Court

[venkat eswaran]

Dear All,

We heard today[ 1.3.14] that Madras high court has given stay order for TNVAT ITC reversal for manufacuting industries. for the writ petition filed by Mannufacturing inds in Tamil nadu.

Is it correct? pl share your views.

if it is true how can we reverse for ITC reversal already done for 3 months, Nov, Dec, & Jan-14

Thanks 

Venkat

AI Summary

Stay Order on ITC Reversal for TNVAT by Lucas TVS and Delphi TVS Sparks Discussion A discussion on a forum involves a query about a stay order by the Madras High Court concerning the reversal of Input Tax Credit (ITC) under the Tamil Nadu Value Added Tax (TNVAT) for manufacturing industries. A participant inquires if the stay order is true and how it affects ITC reversals for the past three months. A respondent indicates no knowledge of such an order and suggests that knowing the party involved might help verify it. Another participant mentions that the case was filed by companies from the TVS group, specifically Lucas TVS and Delphi TVS, which reportedly received the stay.