https://www.taxtmi.com/caselaws?id=392236 Input tax credit on purchase of DEPB licences under the Tamil Nadu VAT Act, 2006 was examined against the statutory definitions of goods, input, input tax and the credit mechanism under Section 19. Although DEPB scrips were treated as goods and the broader scheme of the Act was noted, the Court followed an earlier Division Bench ruling that denied input tax credit on such purchases. It declined to treat that precedent as per incuriam, despite expressing reservations about some aspects of its reasoning. The challenge to reversal of input tax credit therefore failed, and the demand was upheld in substance. en-us Thu, 23 Jan 2020 00:00:00 +0530 Sun, 16 Feb 2020 09:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392236 Input tax credit on purchase of DEPB licences under the Tamil Nadu VAT Act, 2006 was examined against the statutory definitions of goods, input, input tax and the credit mechanism under Section 19. Although DEPB scrips were treated as goods and the broader scheme of the Act was noted, the Court followed an earlier Division Bench ruling that denied input tax credit on such purchases. It declined to treat that precedent as per incuriam, despite expressing reservations about some aspects of its reasoning. The challenge to reversal of input tax credit therefore failed, and the demand was upheld in substance. Case-Laws VAT and Sales Tax Thu, 23 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392236