TaxTMI 
TaxTMI 
2017 (9) TMI 978
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....or the year 2014-15, in total, amounting to Rs. 4,18,632/-, and order for refund in Form-P along with Refund Voucher for the same as per Rule 8 (6) of TNVAT Rules, 2007, in a time bound manner. 3. This Court, on earlier occasion, considered the similar prayer, in the case of (M/s. CBC Fashion (Asia) Pvt. Ltd., rep. by its Managing Director Vs. The Assistant Commissioner (CT) Bazaar Assessment Circle, Tirupur. ) in W.P.Nos.18661 of 2017 and disposed of the said Writ Petition, on 17.08.2017, in the light of the decision of this Court, in (M/s.Everest Industries Ltd., Vs. State of Tamil Nadu, rep. by Secretary and another) reported in (2017) 100 VST 158 (Mad) and the order passed in W.P.No.18661 of 2017 is extracted hereinbelow:- " Heard Mrs....
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....2006 Act. 20.1 The proviso to sub-section (2) of Section 19 limits the availment of ITC by providing that ITC shall be allowed in excess of 3% of the tax for the purposes specified in clause (v). Clause (v), if read with sub-section (2) of Section 19 would have me conclude that, if, an assessee were to purchase taxable goods specified in the First Schedule, which were sold in the course of Inter-State Trade or Commerce against declarations made in form 'C', an assessee would be allowed ITC only in excess of 3% of the tax paid on such purchases. 20.2 Therefore, there is, to my mind, nothing in the proviso, which will have me come to the conclusion that, it is attracted to any of the other clause referred to in sub-section (2) of S....
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.... the sake of convenience: "In the Budget Speech for the year 2015-2016, among others, the following announcements were made :- (i) Input tax credit reversal imposed at the rate of 3 per cent on the Inter-State sale of goods as per proviso to Section 19(2)(v) of Tamil Nadu Value Added Tax Act, 2006, which was introduced with effect from 11-11-2013 will be withdrawn henceforth to make the manufacturing industries in Tamil Nadu more competitive with their counterparts in the neighbouring States." " 4. The learned counsel appearing for the petitioner submits that, by applying the law laid down by the Court in the decision referred to supra, it has to be necessarily held that reversal of ITC directed to be paid by the petitioner is not tenab....