MVAT – SC approve k. Raheja Development judgment

Supreme Court approves the Raheja Developments judgment as laying down correct legal provision and also rejects challenge to amendment to provisions of explanation (b)(ii) to section 2(24) of MVAT Act and valididy of Rule 58(1-A) of MVAT Rules is sustained. In the Judgement delivered by Supreme Court on 26th September 2013 in the case of Larsen & Toubro Ltd and Anr. v/s State of Karnataka & Anr. [Civil Appeal No.8672 of 2013 (Arising out of SLP( C ) No.17741 of 2007)], Supreme Court has held as follows :- 1. We are clearly of the view that Raheja Development1 lays down the correct leg...