No disallowance of ITC for mere technical defect in VAT invoice – HC

The Hon’ble Punjab & Haryana High Court in a crucial decision has held that input tax credit cannot be disallowed merely for a technical defect in the VAT Invoice such as non mentioning of words “Input Tax Credit is available to a person against this copy” as per Rule 54 of the Punjab VAT Rules, 2005. The Court in nut shell laid down the principle that even in the absence of a statutory form provided for claiming any benefit, such as modvat credit or input tax credit, a dealer can still claim the same in case he is able to prove that the transaction was genuine and the tax had be...