https://www.taxtmi.com/caselaws?id=409503 A taxing provision that uses the disjunctive "or" must be applied according to its plain meaning, so input tax credit on capital goods under Section 12(2) of the Karnataka Value Added Tax Act can be claimed on satisfaction of any one of the stipulated conditions, including commencement of commercial production, taxable sales, or export sales. The provision does not require each expansion unit to begin production independently before credit is available. Once the credit claim is lawful, the basis for penalty and interest falls away, and money paid under protest towards the disputed levy is refundable. en-us Thu, 01 Jul 2021 00:00:00 +0530 Fri, 09 Jul 2021 18:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409503 A taxing provision that uses the disjunctive "or" must be applied according to its plain meaning, so input tax credit on capital goods under Section 12(2) of the Karnataka Value Added Tax Act can be claimed on satisfaction of any one of the stipulated conditions, including commencement of commercial production, taxable sales, or export sales. The provision does not require each expansion unit to begin production independently before credit is available. Once the credit claim is lawful, the basis for penalty and interest falls away, and money paid under protest towards the disputed levy is refundable. Case-Laws VAT and Sales Tax Thu, 01 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409503