2018 (11) TMI 516

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..... Commissioner of Commercial Tax U.P., Lucknow v. S/S Dhooper Chemicals Pvt. Ltd. [2018 (3) TMI 1660 - ALLAHABAD HIGH COURT], where Division Bench in the case of JAGRITI PLASTICS LTD., N.F. IMPEX PVT. LTD. VERSUS COMMISSIONER OF TRADE & TAXES [2015 (10) TMI 291 - DELHI HIGH COURT] has held that D.E.P.B. scrips has contributed, if not directly then indirectly, to the price of imported commodity sold .....

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..... ssessment year 2011-2012 the Assessing Authority accepted the purchase and sale as disclosed by the assessee but refused to allow Input Tax Credit on D.E.P.B. Licence purchases amounting to ₹ 54,74,123/-. On the aforesaid purchases against tax invoices, value added tax amounting to ₹ 2,73,705/- was paid. The claim of the assessee for Input Tax Credit (for short ITC ) was not allowed b .....

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