https://www.taxtmi.com/caselaws?id=306237 The High Court ruled in favor of the revisionist, overturning the denial of input tax credit for welding electrodes used in manufacturing finished goods. The court classified the electrodes as raw materials based on their integral role in production, despite not physically appearing in the final product. Citing relevant precedents, the court emphasized that essential items for manufacturing should be considered raw materials. The court set aside previous decisions, directing reassessment with input tax credit benefits and clarifying the prospective application of the Amending Act, 2008, for the Assessment Year 2006-07. en-us Fri, 22 Apr 2022 00:00:00 +0530 Thu, 25 May 2023 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306237 The High Court ruled in favor of the revisionist, overturning the denial of input tax credit for welding electrodes used in manufacturing finished goods. The court classified the electrodes as raw materials based on their integral role in production, despite not physically appearing in the final product. Citing relevant precedents, the court emphasized that essential items for manufacturing should be considered raw materials. The court set aside previous decisions, directing reassessment with input tax credit benefits and clarifying the prospective application of the Amending Act, 2008, for the Assessment Year 2006-07. Case-Laws VAT and Sales Tax Fri, 22 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306237