Calculation of input tax credit to be carried forward on closing stock - Amendment in section 9(1) of the DVAT Act, 2004

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....arried forward on closing stock - Amendment in section 9(1) of the DVAT Act, 2004 1. The amendment in section 9(1) of the DVAT Act, 2004 has been made effective from 01.04.2010 vide which a dealer who is registered or is required to be registered under this Act shall be entitled to a tax credit in respect of the turnover of the purchases occurring during the tax period to the extent of proportio....

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....the input tax credit to be carried forward on closing stock shall be fair and reasonable. (i) It is further specified in the same section that:- "Provided that Commissioner may (a) after giving reasons in writing, reject the method adopted by the dealer and calculate the amount of tax credit: and (b) prescribe methods for calculation the amount of tax credit or the amount of any adjustment and....