https://www.taxtmi.com/caselaws?id=420341 The industrial policy exemption operated subject to a fixed ceiling, and where the assessee had already exhausted most of the available benefit for the year, only the remaining balance could be applied. The claim to treat the entire purchase value of raw materials at the concessional 4% rate was unsupported on the record, so the higher 16% levy on the remaining taxable amount was sustained. Form-IV could not be introduced at the revision stage to change the tax position, and the earlier clarification that policy benefits operate over and above the sales tax enactment did not override the exhausted ceiling or the manner in which the claim was made. en-us Tue, 29 Mar 2022 00:00:00 +0530 Fri, 01 Apr 2022 08:32:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420341 The industrial policy exemption operated subject to a fixed ceiling, and where the assessee had already exhausted most of the available benefit for the year, only the remaining balance could be applied. The claim to treat the entire purchase value of raw materials at the concessional 4% rate was unsupported on the record, so the higher 16% levy on the remaining taxable amount was sustained. Form-IV could not be introduced at the revision stage to change the tax position, and the earlier clarification that policy benefits operate over and above the sales tax enactment did not override the exhausted ceiling or the manner in which the claim was made. Case-Laws VAT and Sales Tax Tue, 29 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420341