Refund claim of accumulated ITC allowed even when input and output tax is same

South Indian Oil Corporation Vs Assistant Commissioner Central Tax Division-1 (Karnataka High Court) Karnataka High Court held that refund of accumulated Input Tax Credit in case where the input and output tax are the same is allowed. Accordingly, order is liable to be set aside and refund claim deserved to be allowed. Facts- The petitioner is engaged in the business of procuring various edible oils such as Sunflower oil, Rice bran oil, Cottonseed oil, Palm oil etc., falling under HSN Code 15 on payment of tax at 5%. The said edible oils are purchased in bulk in tankers and then packed into va...