https://www.taxtmi.com/caselaws?id=380359 Input tax credit under the VAT scheme is a concession, and Section 13(1)(f) operates as a specific restriction where manufactured goods are sold below the cost of the raw material. The HC held that this provision required reversal of excess credit because the assessee's taxable output was sold at a value lower than the purchase cost of rice bran. The assessee's reliance on Section 13(3)(b) and Explanation (iii) was rejected, as those provisions apply to proportionate credit for by-products or waste products and do not override the specific restriction in Section 13(1)(f). en-us Fri, 03 May 2019 00:00:00 +0530 Wed, 31 Jul 2019 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380359 Input tax credit under the VAT scheme is a concession, and Section 13(1)(f) operates as a specific restriction where manufactured goods are sold below the cost of the raw material. The HC held that this provision required reversal of excess credit because the assessee's taxable output was sold at a value lower than the purchase cost of rice bran. The assessee's reliance on Section 13(3)(b) and Explanation (iii) was rejected, as those provisions apply to proportionate credit for by-products or waste products and do not override the specific restriction in Section 13(1)(f). Case-Laws VAT and Sales Tax Fri, 03 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380359