Jayam & Co. Vs Assistant Commissioner (Madras High Court)
Date: July 16, 2013
Subject Matter
Reversal of Excess Input Tax Credit on Below-Purchase-Price Sales under TN VAT Act Upheld
Summary
The Madras High Court upheld the constitutional validity of Section 19(20) of the Tamil Nadu Value Added Tax Act, 2006. This provision mandates the reversal of excess input tax credit when goods are sold at a price lower than their purchase price. Th…
FULL TEXT OF THE JUDGMENT/ORDER OF MADRAS HIGH COURT These batch of writ petitions could be could be broadly classified into two categories. In the first set of writ petitions, prayer has been made for issuance of a writ of declaration to declare Sub-section (20) of Section 19 as enacted by Tamil Nadu Value Added Tax (Second Amendment) Act, 2010, (22 of 2010), which came into force on 19.08.2010 a…