https://www.taxtmi.com/caselaws?id=236314 Input tax credit under the Tamil Nadu VAT scheme is a statutory concession governed by the tax invoice and the conditions in the Act and Rules. Section 19(20), which requires reversal of excess credit where goods are resold below the purchase price, was construed as a revenue-protective measure within the State's taxing power and not as an impermissible levy; it was therefore upheld as constitutionally valid. The retrospective operation from 01.01.2007 was also sustained because retrospectivity in fiscal legislation is not invalid by itself, and no fresh tax, undue oppression, or confiscatory burden was shown. The challenge to the provision failed, while statutory remedies under the Act remained available. en-us Wed, 17 Jul 2013 00:00:00 +0530 Tue, 15 Jul 2014 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236314 Input tax credit under the Tamil Nadu VAT scheme is a statutory concession governed by the tax invoice and the conditions in the Act and Rules. Section 19(20), which requires reversal of excess credit where goods are resold below the purchase price, was construed as a revenue-protective measure within the State's taxing power and not as an impermissible levy; it was therefore upheld as constitutionally valid. The retrospective operation from 01.01.2007 was also sustained because retrospectivity in fiscal legislation is not invalid by itself, and no fresh tax, undue oppression, or confiscatory burden was shown. The challenge to the provision failed, while statutory remedies under the Act remained available. Case-Laws VAT and Sales Tax Wed, 17 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236314