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TMI Blog2011 (7) TMI 1052X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment of the entire turnover for 2005-2006 at Schedule rate is concerned, is not acceptable because under Rule 12(8) there is no provision to grant input tax credit to dealers claiming benefit under Section 6(5) for any period prior to filing of Form No.25A even in cases where the dealer was denied the benefit claimed under Section 6(5) and assessed under Section 6(1) of the Act for the whole year. We, therefore, dismiss the revision case. - O.T. Rev. No. 76 of 2010 - - - Dated:- 6-7-2011 - RAMACHANDRAN NAIR C.N. AND GOPINATHAN P.S. JJ. JUDGMENT The short question raised in the revision case filed by the assessee is whether the Tribunal was justified in confirming disallowance of input tax credit claimed by the assessee for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the petitioner filed a revised return for 2005-2006 declaring a turnover of ₹ 82.94 lakhs as against the turnover of ₹ 44 lakhs declared in the original return. In other words, search and detection of unaccounted sales in the year 2007 led to disclosure of almost double the amount of turnover conceded in the year 2005-2006. Even though assessment for 2005-2006 was made by making further addition over and above the revised turnover declared by the petitioner after search, in the course of appeals the additions were deleted, but the assessment was sustained based on the revised return filed by the petitioner i.e. on the turnover of ₹ 82.94 lakhs as against ₹ 44 lakhs originally declared. In the assessment so completed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of input tax credit in respect of opening stock:- .......... (7) Where a dealer who had opted for payment of tax under sub-section (5) of section 6 or under section 8 changes over to the payment of tax under sub-section (1) of section 6, he shall submit an application in Form No.25A along with a stock inventory on the date of change over, duly certified by a Chartered Accountant or a cost accountant, where the dealer is covered by the provisions of section 42, and a statement of the purchase bills issued by registered dealers paying tax under sub-section (1) of section 6, within fifteen days from the date of change over. (8) Where the dealer referred to in sub-rule (7) or in sub-rule (7A) has submitted the statements as r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facility to the petitioner to claim input tax credit on the opening stock held by him. 4. The next question to be considered is whether the compliance of sub-rules (7) and (8) of Rule 12 as stated above is mandatory to get input tax credit on the opening stock held. Under the above stated procedure of the Act and Rules, for a dealer who changes over from scheme of payment of presumptive tax under Section 6(5) to payment of tax under Section 6(5), eligibility for input tax credit is on the opening stock held on the date of such switch over. In this case it is not even known as to which date the petitioner had crossed ₹ 50 lakhs limit during 2005-2006. The contention of counsel for the petitioner is that petitioner is entitled to i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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