High Court Rules Against Carry Forward of Disallowed Input Tax Credit on Capital Goods Under KVAT Act, Section 12, Rule 133(e.

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....Disallowing the input tax credit on capital goods - KVAT - There is no provision under the Act and Rules to carry forward the rejected input tax credit to the subsequent year. The claim made by the assessee is not in consonance with Section 12 of the Act read with Rule 133(e) and the proviso thereto. - HC....