Claim for input tax credit rejected due to loss of goods not used in business. Plain reading of law shows credit repayable.

Claim for input tax credit rejected due to loss of goods not used in business. Plain reading of law shows credit repayable. https://www.taxtmi.com/highlights?id=78341 The High Court rejected a claim for proportional Input Tax Credit u/s 19 of the KVAT Act for losses like spillage, ground loss, and during transportation. The court held that input tax credit is repayable if goods are not used in business. Precedents showed that mere stock shortage does not imply suppression. Judgments u/s 19 (9) of TNVAT Act disentitled credit for goods lost in transit. The court upheld authorities' decision, dismissing the petition. en-us Tue, 11 Jun 2024 07:55:20 +0530 Tue, 11 Jun 2024 07:55:20 +0530 TaxTMI RSS Generator Claim for input tax credit rejected due to loss of goods not used in business. Plain reading of law shows credit repayable. https://www.taxtmi.com/highlights?id=78341 The High Court rejected a claim for proportional Input Tax Credit u/s 19 of the KVAT Act for losses like spillage, ground loss, and during transportation. The court held that input tax credit is repayable if goods are not used in business. Precedents showed that mere stock shortage does not imply suppression. Judgments u/s 19 (9) of TNVAT Act disentitled credit for goods lost in transit. The court upheld authorities' decision, dismissing the petition. Highlights VAT and Sales Tax Tue, 11 Jun 2024 07:55:20 +0530 https://www.taxtmi.com/highlights?id=78341