https://www.taxtmi.com/caselaws?id=424867 Items purchased for use in the business, rather than for resale, were not goods held in stock for denying composition benefits under the KVAT regime. The assessee bought machinery, parts and trays from outside the State for use in producing bakery products, not as stock-in-trade. On that factual characterisation, the statutory prohibition did not apply and the composition scheme could not be withdrawn. The denial of composition benefit was therefore unsustainable, and the assessee remained eligible to continue under the composition scheme. en-us Thu, 30 Jun 2022 00:00:00 +0530 Sat, 09 Jul 2022 10:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424867 Items purchased for use in the business, rather than for resale, were not goods held in stock for denying composition benefits under the KVAT regime. The assessee bought machinery, parts and trays from outside the State for use in producing bakery products, not as stock-in-trade. On that factual characterisation, the statutory prohibition did not apply and the composition scheme could not be withdrawn. The denial of composition benefit was therefore unsustainable, and the assessee remained eligible to continue under the composition scheme. Case-Laws VAT and Sales Tax Thu, 30 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424867