https://www.taxtmi.com/caselaws?id=764666 An open remand directing a fresh decision in accordance with law did not bar the assessing authority from re-examining reversal of input tax credit on lubricant stock, and the subsequent assessment was treated as within jurisdiction. Input tax credit under the VAT scheme was confined to taxable goods and could be reversed when inadmissible; because lubricant was treated as non-VAT goods in the hands of a trader, reversal on the closing stock was supported by the statutory scheme and circular. The revisional court also declined interference where the circular itself was not challenged before a competent forum. en-us Fri, 20 Dec 2024 00:00:00 +0530 Wed, 15 Jan 2025 14:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764666 An open remand directing a fresh decision in accordance with law did not bar the assessing authority from re-examining reversal of input tax credit on lubricant stock, and the subsequent assessment was treated as within jurisdiction. Input tax credit under the VAT scheme was confined to taxable goods and could be reversed when inadmissible; because lubricant was treated as non-VAT goods in the hands of a trader, reversal on the closing stock was supported by the statutory scheme and circular. The revisional court also declined interference where the circular itself was not challenged before a competent forum. Case-Laws VAT / Sales Tax Fri, 20 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764666