https://www.taxtmi.com/caselaws?id=332823 Tax liability under the TNVAT framework in works-contract cases must rest on a proper factual inquiry into the stage of construction, flats sold or unsold, and the basis for valuing deemed sale of goods; because the record was incomplete, the assessment on this issue was set aside and remanded. Input tax credit reversal on cross-verification mismatch requires proof of purchases, payment details, and reconciliation with seller returns; as the factual foundation was not fully verified, that assessment was also remanded. Deletion of assets in the balance sheet cannot by itself sustain tax on sale of fixed assets without examining the supporting documents and actual nature of the transaction; this issue too was sent back for fresh consideration. en-us Mon, 12 Sep 2016 00:00:00 +0530 Tue, 27 Sep 2016 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332823 Tax liability under the TNVAT framework in works-contract cases must rest on a proper factual inquiry into the stage of construction, flats sold or unsold, and the basis for valuing deemed sale of goods; because the record was incomplete, the assessment on this issue was set aside and remanded. Input tax credit reversal on cross-verification mismatch requires proof of purchases, payment details, and reconciliation with seller returns; as the factual foundation was not fully verified, that assessment was also remanded. Deletion of assets in the balance sheet cannot by itself sustain tax on sale of fixed assets without examining the supporting documents and actual nature of the transaction; this issue too was sent back for fresh consideration. Case-Laws VAT and Sales Tax Mon, 12 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332823