https://www.taxtmi.com/caselaws?id=389851 A registered dealer under the Karnataka VAT regime could not claim input tax credit solely on the basis of Form VAT 240 when the credit was not claimed in the monthly returns. The statutory scheme linked input tax credit to returns furnished under the Act, and Form VAT 240 was only an audited statement that did not replace the return or create an independent entitlement. Strict compliance with the prescribed method of claiming credit was required, so permitting credit through the audit statement alone would make the return-filing scheme redundant. The issue was answered against the assessee and the writ petitions failed. en-us Fri, 06 Dec 2019 00:00:00 +0530 Wed, 16 Jun 2021 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389851 A registered dealer under the Karnataka VAT regime could not claim input tax credit solely on the basis of Form VAT 240 when the credit was not claimed in the monthly returns. The statutory scheme linked input tax credit to returns furnished under the Act, and Form VAT 240 was only an audited statement that did not replace the return or create an independent entitlement. Strict compliance with the prescribed method of claiming credit was required, so permitting credit through the audit statement alone would make the return-filing scheme redundant. The issue was answered against the assessee and the writ petitions failed. Case-Laws VAT and Sales Tax Fri, 06 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389851