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GST/VAT : The petitioner obtained registration under the MVAT Act. It invested in gold and disposed it of, may be on behalf of customers. However, it paid VAT on it and was held liable to pay interest if payment of VAT is delayed. Hence, first appellate authority rightly concluded that tax amount, together with interest is payable. The tribunal also confirmed this view. It concurred with the Assessing Officer and the first appellate authority as both took a view on facts and on law, which is not perverse or vitiated by error of law apparent on face of record. In these circumstances, the dis-allowance of input tax credit under rule 53(6)(b) was also rightly confirmed
• This is a clear case where Deed of Trust permits floating one or more schemes. That is not equivalent to creation of separate Trusts. It is in these circumstances that the Assessing Officer, the first appellate authority and the tribunal all rightly concluded that the set-off available under rule 53 has to be reduced. Thus, conclusion reached by the first appellate authority that Input tax credit cannot be allowed for sales beyond six months of purchase is imminently possible.