Interesting case. need suggestion n case law.

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SANKET (Querist)
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19 January 2012 Two Cases:-
1.) Y purchase goods(i.e gold) from Z on challan basis(not by invoice)due to non fixation of goods price on 29.12.2010 n 30.11.2011, and sold these goods on the same day. Later on 4.4.2011 invoice prepared by Z of the above goods.
Y claim the vat input given on purchase of goods in Quarter- IV of 2010-11 but department can't accept it n raised demand of vat output of goods sold without giving credit of vat input n said vat input should be claim in Ist Quarter of 2011-12.
Was Y claim acceptable? What should Y do? Is there any case law related to this situation?...

2.) P sold stolen goods to Q against vat invoice. Q purchased goods in good faith. So,
Is Q liable for confiscation of goods, for any penalty, for any legal proceedings ? Is there any Case Law related?

Prakash Kochar

Prakash Kochar (Expert)
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21 January 2012 Input Credit is available on the basis of tax invoice which is dated 04-04-2011. Input credit can be allowed in Qrt I of 11-12.
Claim of Y is not acceptable.

2. Q is liable for confiscation at present by Police Department. Has to contest the case on bonafide to prove the genuineness of transaction. Depends on judgement of Criminal Court.

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SANKET

SANKET (Querist)
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21 January 2012 thanks Mr. Kochar 4 ur consideration.
In 1st case, can u give any reference to either any CASE decided or any PROVISION of Vat Act.

2nd case, is there any CASE similar to dis situation?

Prakash Kochar

Prakash Kochar (Expert)
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27 January 2012 1. u/r. 51(1)(a) : Setoff is available of the sum collected seperately on purchases by the other Regd. dealer from whom the purchases are effected. Input credit is to be claimed only in the return as per periodicity in which dt. 04-04-11 is covered.

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SANKET

SANKET (Querist)
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30 January 2012 thanks Mr. Kochar..

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