9911796707
TMI Blog2016 (4) TMI 921X X X X Extracts X X X X X X X X Extracts X X X X ..... y the petitioner as per the returns filed in Form VAT 100 has resulted in loss of revenue and the re- assessment orders was opined to be erroneous insofar as the same as prejudicial to the interest of the public revenue in the light of the judgment of this Court in the case of State of Karnataka vs. M/s. Centum Industries (P) Limited [2015 (10) TMI 47 - KARNATAKA HIGH COURT]. The second respondent had issued notice under the provisions of Section 41(1) proposing to rectify the reassessment order rejecting the input tax credit allowed earlier to the petitioner. Re-opening of proceedings - Re-assessment order was prejudicial to the interest of revenue - Held that:- there is no authority or jurisdiction in the second respondent in seeking ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he State of Karnataka and thereafter, the petitioner leases the vehicles on commercial terms and conditions under lease agreements. In respect of the tax periods 2008-09 to 2011-12, the petitioner claims to be entitled for input tax rebate on the purchases effected from the local registered dealers, who had issued valid tax invoices for the sales made and the tax paid at the time of purchase of the vehicles was entitled for rebate against the output tax payable under the provisions of Section 10(3) of the KVAT Act. The excess of input tax credit over the output tax payable for a particular tax period was also eligible to be adjusted or carried forward to the succeeding tax period. The lease rentals received by the petitioner which is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , in respect of.- (1) xxxxxxx (2) tax paid on goods as specified in the Fifth Schedule subject to such conditions as may be specified, purchased and put to use for purposes other than for.- (i) resale; or (ii) manufacture or any other purpose of other goods for sale. 3. As per the above provision, in respect of goods specified under Schedule V to the KVAT Act, the input tax may not be claimed until such goods are either re-sold or used in manufacture of goods for sale. Therefore, the petitioner claims that though he had claimed the input tax to the extent of output tax payable, the excess portion of the input tax was either not reflected as refundable or carried forward to the next tax period. In view of the mandatory req ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the third respondent. Subsequently, the second respondent had observed that the allowance of input tax in the re-assessment orders as per the actual input tax claimed by the petitioner as per the returns filed in Form VAT 100 has resulted in loss of revenue and the re- assessment orders was opined to be erroneous insofar as the same as prejudicial to the interest of the public revenue in the light of the judgment of this Court in the case of State of Karnataka vs. M/s. Centum Industries (P) Limited 2014 (8) KLJ 65. The second respondent had issued notice under the provisions of Section 41(1) proposing to rectify the reassessment order rejecting the input tax credit allowed earlier to the petitioner. It is this which is sought to be questi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
