Tax Demand on Post Sale Discounts Received By Way Of Financial Credit Notes Not Tenable: Madras High Court
The Madras High Court has quashed a demand of Rs. 25,88,468/- (approx. ₹2.59 crores) each under Central GST (CGST) and State GST (SGST) imposed on Tvl. Shivam Steels, a company based in Hosur, Tamil Nadu. Case Details: Petitioner: Tvl. Shivam Steels (represented by Mr. Gyan Manchanda) Respondent: Assistant Commissioner (ST) (FAC), Hosur (South)-III Assessment Circle Issue: The dispute arose from the reversal of Input Tax Credit (ITC) by the tax…
