https://www.taxtmi.com/caselaws?id=198046 A notice denying input tax credit under the Tamil Nadu Value Added Tax Act was unsustainable because the provision relied on had been introduced only later and could not be applied to the relevant tax period. The Court also applied the settled position that once turnover crosses the prescribed limit, the assessee moves out of the compounded scheme and is entitled to input tax credit from the beginning of the year, in line with the departmental clarification relied on. The impugned notice and assessment action were therefore set aside, and full input tax credit was allowed. en-us Fri, 03 Nov 2017 00:00:00 +0530 Sun, 21 Jan 2018 09:28:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198046 A notice denying input tax credit under the Tamil Nadu Value Added Tax Act was unsustainable because the provision relied on had been introduced only later and could not be applied to the relevant tax period. The Court also applied the settled position that once turnover crosses the prescribed limit, the assessee moves out of the compounded scheme and is entitled to input tax credit from the beginning of the year, in line with the departmental clarification relied on. The impugned notice and assessment action were therefore set aside, and full input tax credit was allowed. Case-Laws VAT and Sales Tax Fri, 03 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198046