02 February 2013
A company was at its initial stages and during this period the company had purchased materials for factory bldg,plant and machineries by paying local Mvat taxes and there is no sales during the year under review.The company is claiming refund of vat taxes paid on purchase of plant n machineries.What is the latest position as per amended retention Rule 53(6)?.Whether the STO can disallow the whole set off U/R 53(6)under the plea that there is no sale during the yr.Pl.give Maharashtra Tribunal decision or DDQ favouring the dealer allowing full set off on plant n machineries.
CAclubindia
