Adjustment to tax credit

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....e of which the tax credit claimed by him in any tax period in respect of which the purchase of goods relates, becomes short or excess, he shall compensate such short or excess by adjusting the amount of the tax credit allowed to him in respect of the tax period in which the credit note or debit note has been issued or goods are returned. Explanation : While issuance of a credit note of a post s....

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....rtly, for the purposes specified in the said sub-section;   the tax credit claimed in respect of such purchase shall be reduced or increased ,as the case may be, for the tax period during which the said utilization otherwise has taken place. (3)  Where -       (a)  goods were purchased by a dealer;       (b)  the dea....

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....ubsequently incorporated into the structure of a building owned or occupied by the person; the tax credit claimed in respect of such purchase shall be reduced in the tax period during which such incorporation takes place. ^1[(5) ^4[Subject to sub-sections (1) and (2) of section 8 and conditions as may be prescribed, where] the goods which have been purchased by a dealer are sold at a price l....

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....of the registered dealer or to a consignment agent; the dealer shall reduce the amount of tax credit originally claimed by the prescribed proportion." 3. Substituted vide  F.14(60/LA-2015/cons2 law/112-126 - Dated 14-7-2015, before it was read as, "(1)  Where any purchaser has been issued with a credit note or debit note in terms of section 51 of this Act or if he returns or reject....