https://www.taxtmi.com/caselaws?id=347376 Input tax credit reversal under the Tamil Nadu Value Added Tax Act cannot depart from a binding judicial interpretation of the relevant provision. The proviso to the provision governing credit was confined to the purpose specifically covered by that clause, making the reversal unsustainable. Reversal based on stock and production particulars also required proper examination of records concerning purchases, sales, stock registers, process flow and closing stock; inadequate reasons for rejecting the dealer's explanation required reconsideration. The assessment was set aside for fresh adjudication after a hearing, applying the binding interpretation and properly considering the factual material. en-us Thu, 17 Aug 2017 00:00:00 +0530 Mon, 04 Sep 2017 08:56:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347376 Input tax credit reversal under the Tamil Nadu Value Added Tax Act cannot depart from a binding judicial interpretation of the relevant provision. The proviso to the provision governing credit was confined to the purpose specifically covered by that clause, making the reversal unsustainable. Reversal based on stock and production particulars also required proper examination of records concerning purchases, sales, stock registers, process flow and closing stock; inadequate reasons for rejecting the dealer's explanation required reconsideration. The assessment was set aside for fresh adjudication after a hearing, applying the binding interpretation and properly considering the factual material. Case-Laws VAT and Sales Tax Thu, 17 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347376