https://www.taxtmi.com/caselaws?id=250911 Under the VAT deferment scheme, input tax paid on goods used in manufacture was held not deductible from the deferred-tax base for upfront payment; it was treated as tax already paid in advance. A statutory clarification issued to remove doubt and ensure uniform levy, assessment and collection was held binding on departmental authorities while in force, and the revenue could not ignore it. Once the computation method was settled in the assessee's favour, the question of interest became academic and did not call for separate adjudication. The assessee's method of calculation was upheld and the tax liability was directed to be recomputed accordingly. en-us Fri, 25 Jul 2014 00:00:00 +0530 Sat, 25 Jul 2015 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250911 Under the VAT deferment scheme, input tax paid on goods used in manufacture was held not deductible from the deferred-tax base for upfront payment; it was treated as tax already paid in advance. A statutory clarification issued to remove doubt and ensure uniform levy, assessment and collection was held binding on departmental authorities while in force, and the revenue could not ignore it. Once the computation method was settled in the assessee's favour, the question of interest became academic and did not call for separate adjudication. The assessee's method of calculation was upheld and the tax liability was directed to be recomputed accordingly. Case-Laws VAT and Sales Tax Fri, 25 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250911