The Hon’ble Madras High Court in the case of M/s. Sri Ranganathar Valves Private Limited v. The Assistant Commissioner (CT) (FAC) Velandipalayam Assessment Circle, Coimbatore [W.P. No. 38488 of 2015 dated September 2, 2020] has held that Input Tax Credit (“ITC”) restriction in the hands of Buyer, on the ground of tax collected but remaining unpaid to the Government by the seller “cannot be...

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