Court Limits Input Tax Credit to 75% for Spare Parts in Works Contracts, Rejecting Petitioner's 100% Claim.

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....Input tax credit - sale or not - The main thrust of the argument of the petitioner is that since the said transaction is an outright sale, 100% ITC has to be admitted. This argument of the petitioner cannot be appreciated for the reason that even if the user of spare parts and lubricants in the works contract amounts to sale, still the statute restricts the ITC to 75%. - HC....