https://www.taxtmi.com/caselaws?id=397396 The court set aside the revised assessment order that imposed tax at 12.5% on the entire taxable turnover and reversed Input Tax Credit, finding it incorrectly applied a prospective effect to Section 3(4)(b) of the TNVAT Act. The matter was remanded to the respondent for fresh consideration within 12 weeks, emphasizing the need for clarity in interpreting and applying tax laws. The court's decision was based on the principle of consistency with previous judgments and the retrospective application of the Act, ensuring a fair outcome for the petitioner. en-us Mon, 27 Jul 2020 00:00:00 +0530 Mon, 17 Aug 2020 22:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397396 The court set aside the revised assessment order that imposed tax at 12.5% on the entire taxable turnover and reversed Input Tax Credit, finding it incorrectly applied a prospective effect to Section 3(4)(b) of the TNVAT Act. The matter was remanded to the respondent for fresh consideration within 12 weeks, emphasizing the need for clarity in interpreting and applying tax laws. The court's decision was based on the principle of consistency with previous judgments and the retrospective application of the Act, ensuring a fair outcome for the petitioner. Case-Laws VAT and Sales Tax Mon, 27 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397396