https://www.taxtmi.com/caselaws?id=420016 A deferred-payment incentive scheme for industrial units cannot be treated as presumptive tax or lump-sum composition for the purpose of denying input tax credit, because the statutory bar applies only where the selling dealer has actually opted for the specific regimes under the Act. The HC noted that the deferment scheme under Section 62(5) operates separately from presumptive taxation and composition, and the record did not show election of either regime by the selling dealer. On that basis, the partial withholding of refund was unsustainable, and interest was payable on the delayed release of the withheld amount. en-us Tue, 22 Mar 2022 00:00:00 +0530 Fri, 25 Mar 2022 08:34:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420016 A deferred-payment incentive scheme for industrial units cannot be treated as presumptive tax or lump-sum composition for the purpose of denying input tax credit, because the statutory bar applies only where the selling dealer has actually opted for the specific regimes under the Act. The HC noted that the deferment scheme under Section 62(5) operates separately from presumptive taxation and composition, and the record did not show election of either regime by the selling dealer. On that basis, the partial withholding of refund was unsustainable, and interest was payable on the delayed release of the withheld amount. Case-Laws VAT and Sales Tax Tue, 22 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420016