https://www.taxtmi.com/caselaws?id=259084 Admissible input tax credit is to be adjusted first against the dealer's current-year output tax liability, then against central sales tax liability for that period, with only the remaining balance carried forward. The note explains that an excessive original claim does not prevent adjustment of the credit ultimately found admissible on assessment. Interest is payable only on any tax balance remaining after such adjustment, and penalty does not survive where the admissible credit is correctly given effect to. It also notes that although a procedural objection regarding pre-deposit arose, the substantive tax issue was treated as already settled, so remand was found unnecessary. en-us Wed, 15 Apr 2015 00:00:00 +0530 Wed, 29 Apr 2015 07:47:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259084 Admissible input tax credit is to be adjusted first against the dealer's current-year output tax liability, then against central sales tax liability for that period, with only the remaining balance carried forward. The note explains that an excessive original claim does not prevent adjustment of the credit ultimately found admissible on assessment. Interest is payable only on any tax balance remaining after such adjustment, and penalty does not survive where the admissible credit is correctly given effect to. It also notes that although a procedural objection regarding pre-deposit arose, the substantive tax issue was treated as already settled, so remand was found unnecessary. Case-Laws VAT and Sales Tax Wed, 15 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259084