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TMI BlogInput Tax Credit (ITC) is a vested right or concession - Can government impose conditions or restrictions for availing ITC?X X X X Extracts X X X X X X X X Extracts X X X X ..... right to the assessee. Finally, the issues with reference to erstwhile VAT laws has been decided by the Apex Court in following terms: JAYAM CO. VERSUS ASSISTANT COMMISSIONER ANR. [ 2016 (9) TMI 408 - SUPREME COURT ] 12. It is a trite law that whenever concession is given by statute or notification etc. the conditions thereof are to be strictly complied with in order to avail ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egislature has intended to give tax credit to some extent. However, how much tax credit is to be given and under what circumstances, is the domain of the Legislature and the courts are not to tinker with the same. ALD AUTOMOTIVE PVT. LTD. VERSUS THE COMMERCIAL TAX OFFICER NOW UPGRADED AS THE ASSISTANT COMMISSIONER (CT) ORS. [ 2018 (10) TMI 814 - SUPREME COURT ] 38 ..The conditi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed cannot be beyond the time prescribed. Therefore, in view of the above decisions of the Apex Court, it is very much clear that assessee cannot claim the benefit of Input Tax Credit as vested right. Input Tax Credit (ITC) is concession given by the legislature for which it is within the domain of the legislature to put such restrictions or conditions as it may deem fit. Putting Fres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ulation of the ITC was entirely different before this amendment. In the example, which has been given by us in the earlier part of the judgment, 'dealer' was entitled to ITC of ₹ 10/- on re-sale, which was paid by the dealer as VAT while purchasing the goods from the vendors. However, in view of Section 19(20) inserted by way of amendment, he would now be entitled to ITC of ₹ 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Impediment of payment to supplier within 180 days: Legislature should act before the Judiciary steps in By Mr. Sunil Keswani on this web site as: 2. DOCTRINE OF LEGITIMATE EXPECTATION - MEANING, CONCEPT ITS APPLICATION By: CA Manoj Nahata, FCA, DISA (ICAI) 3. Representation to Punjab Govt. on restriction of ITC on iron and steel under Punjab VAT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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