9911796707
TMI Blog2016 (12) TMI 757X X X X Extracts X X X X X X X X Extracts X X X X ..... MI 935 - MADRAS HIGH COURT], where it was held that the Assessing Authorities are not justified in adopting uniform percentage as invisible loss and calling upon the dealer to reverse the input tax credit availed to that extent. Consequently, all notices issued to the petitioner for reopening and all consequential order passed reversing the input tax credit to the extent of either 4% or 5% or on adhoc percentage stands set aside. However, liberty is granted to the concerned Assessing Officer to issue appropriate show cause notices to the petitioners clearly setting out under what circumstances they propose to revise or call upon the petitioner to reverse refund sanctioned and after inviting objections proceed in accordance with law. Peti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x Credit (ITC) in respect of the exports effected in the months July, 2011 to February 2013, within the stipulated time, as prescribed under the Act. The respondent has passed the impugned order, in and by which, the petitioner's claim for ITC has been reversed on the ground that the ITC claimed on the capital goods is not eligible to be refunded to the dealer/petitioner, and restricted the claim of refund, by estimating 5% of the purchase value to be 'Invisible Loss' and 1% of the Export sales turnover to be 'Visible Loss'. Challenging the same, the present Writ Petitions are filed. 3. The learned Additional Government Pleader fairly submits that the issue involved in these Writ Petitions is covered by the decision r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eld that the Assessing Authorities are not justified in adopting uniform percentage as invisible loss and calling upon the dealer to reverse the input tax credit availed to that extent. Consequently, all notices issued to the petitioner for reopening and all consequential order passed reversing the input tax credit to the extent of either 4% or 5% or on adhoc per centage stands set aside. However, liberty is granted to the concerned Assessing Officer to issue appropriate show cause notices to the petitioners clearly setting out under what circumstances they propose to revise or call upon the petitioner to reverse refund sanctioned and after inviting objections proceed in accordance with law. (5) The undertaking given by the dealer in F ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
