https://www.taxtmi.com/caselaws?id=164830 Input tax credit could not be denied merely for absence of a formal stock register where production registers, stock ledgers, purchase invoices and export documents substantively verified purchases, manufacture and stock movement; the disallowance was therefore unjustified. The turnover gap between the return and balance sheet had a plausible foreign-exchange explanation and required fresh examination against invoices and bank realisation data, so the consequential interest computation also had to be redone. Purchase tax on purchases from unregistered dealers used in manufacture was leviable under the applicable unamended provision, but eligible business-use purchases could still qualify for input tax credit, requiring reworking of tax and interest on an item-wise basis. en-us Wed, 13 Apr 2011 00:00:00 +0530 Sat, 03 May 2014 17:57:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=164830 Input tax credit could not be denied merely for absence of a formal stock register where production registers, stock ledgers, purchase invoices and export documents substantively verified purchases, manufacture and stock movement; the disallowance was therefore unjustified. The turnover gap between the return and balance sheet had a plausible foreign-exchange explanation and required fresh examination against invoices and bank realisation data, so the consequential interest computation also had to be redone. Purchase tax on purchases from unregistered dealers used in manufacture was leviable under the applicable unamended provision, but eligible business-use purchases could still qualify for input tax credit, requiring reworking of tax and interest on an item-wise basis. Case-Laws VAT and Sales Tax Wed, 13 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=164830