https://www.taxtmi.com/caselaws?id=433239 The HC set aside the Tribunal's decision, ruling in favor of the assessee, a registered dealer under the U.P. VAT Act, 2008, affirming their entitlement to ITC on the purchase of R.E.P. licenses. The court determined that importing chemicals and selling them in smaller quantities constitutes adaptation, thus qualifying as manufacturing under the Act. The court emphasized that R.E.P. licenses are goods, as previously established by the SC in Vikas Sales Corporation, and therefore, the assessee is entitled to ITC. The decision aligns with the purpose of the VAT system, reducing the cascading effect of multiple taxes. en-us Mon, 16 Jan 2023 00:00:00 +0530 Fri, 21 Jun 2024 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433239 The HC set aside the Tribunal's decision, ruling in favor of the assessee, a registered dealer under the U.P. VAT Act, 2008, affirming their entitlement to ITC on the purchase of R.E.P. licenses. The court determined that importing chemicals and selling them in smaller quantities constitutes adaptation, thus qualifying as manufacturing under the Act. The court emphasized that R.E.P. licenses are goods, as previously established by the SC in Vikas Sales Corporation, and therefore, the assessee is entitled to ITC. The decision aligns with the purpose of the VAT system, reducing the cascading effect of multiple taxes. Case-Laws VAT and Sales Tax Mon, 16 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433239