Excess ITC has to be Refunded back to Dealer, can’t be carried Forward for Adjustment of Future Tax Liability: Madras HC [Read Judgment]

The High Court of Madras held that excess Input Tax Credit (ITC) has to be refunded back to the dealer. There was no provision for carrying forward such Input Tax Credit for adjustment of tax liability for the subsequent period. The petitioner, Tvl.M.R.Motor Company is a dealer of Motor Vehicles who had claimed a refund […]

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