https://www.taxtmi.com/caselaws?id=172083 First-year turnover concession under the KVAT Act applies where a dealer commences business and total turnover first exceeds the prescribed threshold, limiting tax liability to turnover above that threshold for the initial assessment year. The concession does not extend to the second assessment year. Input tax benefit is unavailable where the dealer failed to disclose actual taxable turnover or pay tax on that basis, and the turnover emerged only during scrutiny. Fresh assessments may proceed under the statutory scheme, subject to the limited first-year concession. en-us Fri, 27 Sep 2013 00:00:00 +0530 Thu, 03 Dec 2015 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172083 First-year turnover concession under the KVAT Act applies where a dealer commences business and total turnover first exceeds the prescribed threshold, limiting tax liability to turnover above that threshold for the initial assessment year. The concession does not extend to the second assessment year. Input tax benefit is unavailable where the dealer failed to disclose actual taxable turnover or pay tax on that basis, and the turnover emerged only during scrutiny. Fresh assessments may proceed under the statutory scheme, subject to the limited first-year concession. Case-Laws VAT and Sales Tax Fri, 27 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172083