https://www.taxtmi.com/caselaws?id=335300 The High Court ruled in favor of the petitioner, holding that the imposition of reverse tax disallowing proportionate input tax credit was unsustainable under the VAT Act of 2003. The Court upheld the deletion of the penalty imposed by the Assessing Authority, emphasizing consistency in judicial decisions. Despite a pending appeal in the Hon'ble Apex Court, the Court dismissed the revision petition but indicated that the outcome of the appeal would govern the present case. This decision demonstrated a thorough examination of input tax credit issues and penalty imposition, considering the impact of higher court decisions on the matter. en-us Wed, 28 Sep 2016 00:00:00 +0530 Fri, 25 Nov 2016 16:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335300 The High Court ruled in favor of the petitioner, holding that the imposition of reverse tax disallowing proportionate input tax credit was unsustainable under the VAT Act of 2003. The Court upheld the deletion of the penalty imposed by the Assessing Authority, emphasizing consistency in judicial decisions. Despite a pending appeal in the Hon'ble Apex Court, the Court dismissed the revision petition but indicated that the outcome of the appeal would govern the present case. This decision demonstrated a thorough examination of input tax credit issues and penalty imposition, considering the impact of higher court decisions on the matter. Case-Laws VAT and Sales Tax Wed, 28 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335300