Book adjusments and disallowance of itc under vat act.

Forums Index > Legal and Regulatory Issues > Book adjusments and disallowance of itc under vat act.

TOPIC : Book adjusments and disallowance of itc under vat act.

Posted on 09 July 2014 at 09:13:00

If a buyer did not make payment for the goods purchased either by cash or by cheque or by draft. Payments were made by book adjustment. The occasion for adjustment arose because between the same parties there were both the transactions of sale and purchase. Therefore, there was no necessity for the dealer to pay for the goods purchased either by cash or by cheque or by bank draft. Payments were made by adjustment of the debits against the credit and may be the balance was paid either by cheque or by cash or by bank draft.Hence in this scenario can the sales tax officers disallow the ITC claimed on the purchase which were adjusted. please support your views by way of case laws.

Mr. S. K. Mishra

CHHABRA ISPAT PVT. LTD.

Purchase Manager, CHHABRA ISPAT PVT. LTD.
Kolkata, India

Free Member, Joined :11/23/2010
No of Topics Posted : 1
Reply/Comments : 0

Here, Tradeindia's members can exchange ideas and ask for help on trade-related issues. To participate, you must be a member of
Tradeindia.com. We have assigned moderators to facilitate these discussions.

Post Topic

Ask
Question

My
Discussions

Posting
Guidelines

Forum
Points

Suggest
Forum

Disclaimer : Tradeindia.com does not guarantee and support the views expressed in the discussion forums. Neither Tradeindia nor any of its employees are directly or indirectly a part/party to the expressed views of the forum members.