Court Rules ITC Reversal on Damaged Inputs Misconceived; Losses in Manufacturing Not Covered u/s 17(5)(h.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Validity of assessment order - reversal of Input Tax Credit - inputs damaged in transit or destroyed at some intermediary stage of manufacture - the reversal of ITC involving Section 17(5)(h) by the revenue, in cases of loss by consumption of input which is inherent to manufacturing loss is misconceived, as such loss is not contemplated or covered by the situations adumbrated - HC....