Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
VAT - Highlights / Catch Notes

Home Highlights January 2023 Year 2023 This

Reversal of ITC on furnace oil used as fuel - Input Tax Credit - ...


High Court Affirms ITC Entitlement on Furnace Oil When Commodity is Taxed; Aligns with Intended Purpose of Benefit.

January 27, 2023

Case Laws     VAT and Sales Tax     HC

Reversal of ITC on furnace oil used as fuel - Input Tax Credit - The entitlement to ITC must thus be seen in the context of, and decided, bearing note, not just of the letter of the law but the purpose for which the benefit was intended in the first place. - Except to a small extent in the case of SKML, neither the input fuel nor electricity generated, have been sold as an independent commodity. In that exceptional case, the commodity has suffered the rigour of taxation per regular application of the Act. - Credit cannot be denied - HC

View Source

 


 

You may also like:

  1. Reversal of Input Tax Credit (ITC) on furnace oil and LSHS oil - the furnace oil was used in the process of manufacturing of the final product and it has to be treated...

  2. Levy of penalty u/s 10A of the Central Sales Tax Act, 1956 - allegation of improper procurement of Low sulphur Heavy Stock Furnace Oil from oil companies against C - it...

  3. Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver - The amendment Notification No. 29/2024-Customs (N.T.) updates the tariff values for...

  4. Since the commodity in question is covered by two entries, specific entry “vegetable oil“ will prevail over entry “edible and oilcake“ and therefore, the commodity in...

  5. Classification of goods - Input Tax Credit - waste or not - Mahua De-oiled cake/ De-oiled Rice Bran - GST @ 5% is applicable on the supply of de-oiled Mahua cake - ITC...

  6. Input Tax Credit - inputs are consumed in the construction of an immovable property outside MAFFFL's licensed premises - The sole issue involved in the present case is...

  7. The petitioner challenged the imposition of entry tax on crude soybean oil brought into Madhya Pradesh for manufacturing/refining soybean refined oil under the MPCT Act...

  8. The ruling addressed the eligibility of Input Tax Credit (ITC) for cars used for demonstration purposes. It was held that demo cars can be eligible for ITC if certain...

  9. Entitlement to Input Tax Credit (ITC) - Inward supply of Car / Demo cars - Car used for demonstration purpose to the potential customer interested in buying Mercedes...

  10. Classification - Rice Bran Oil which is fit for human consumption can only be a different and distinct commodity from the other two commodities viz., RB Fatty Acid and...

  11. Classification of imported oil - In the absence of any categorical finding of the Dy. Chief Chemist that the product is furnace oil, the non-confirming oil has to be...

  12. This notification from the Central Board of Indirect Taxes and Customs, under the Ministry of Finance, amends the tariff values for import of edible oils like crude palm...

  13. HC dismissed the petition challenging GST demand for AY 2017-2020. Petitioner allegedly facilitated tax evasion by passing ineligible Input Tax Credit (ITC). While...

  14. HC held that petitioner's claim for input tax credit (ITC) was valid under amended Section 16 provisions. Following precedent established in Sri Ganapathi Pandi...

  15. Sales Tax / VAT - Himani Navratan Oil liable to tax as Ayurvedic medicament, not as Cosmetic

 

Quick Updates:Latest Updates