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TMI Blog2014 (9) TMI 1258X X X X Extracts X X X X X X X X Extracts X X X X ..... ble on the taxable turnover of sale of goods under the Act. Rice is a commodity which is specified in Entry-52 of Part-A of Schedule-II of the Act, and is liable to tax at the rate of 4%. Section 13 of the Act, provides that a credit of the amount as input tax credit to the extent of full amount of tax on purchases shall be allowed, if the purchased goods are resold. Since, the turnover of purchase and sale in respect of the same rice has been determined and as such if the applicant first deposits the amount of tax determined on purchases of goods then in that event, an input tax credit may be allowed to him against the liability to tax on the sale turnover of such rice. This credit shall be available to the applicant as per provisions o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t belong to him. Alternatively, he submits that even if this Court finds that turnover of purchase determined cannot be interfered with, yet the Tribunal should have considered to make an observation with regard to entitlement of benefit of Section 13 of the Act, inasmuch as, the alleged purchases and sale of the same rice has been assessed to tax. Sri B.K. Pandey, learned Standing Counsel submits that once the loose parcha in question was found from the business premises of the applicant and the applicant has completely failed to rebut the presumption of it belonging to him and as such the authorities were fully justified to determine the evaded purchases of rice by the applicant. The quantum of turnover of purchase of rise in question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the business has been done by the applicant. Thus, there is no substance in the submissions of the learned counsel for the applicant, that the purchase turn over determined by the authorities is excessive. However, I find some force in the alternative submission of the learned counsel for the applicant. As per Section 4 of the Act, the tax is payable on the taxable turnover of sale of goods under the Act. Rice is a commodity which is specified in Entry-52 of Part-A of Schedule-II of the Act, and is liable to tax at the rate of 4%. Section 13 of the Act, provides that a credit of the amount as input tax credit to the extent of full amount of tax on purchases shall be allowed, if the purchased goods are resold. Since, the turnover of p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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