KVAT: Form VAT 240 cannot be treated as return for claiming ITC

Mfar Constructions Pvt. Ltd., Vs Additional Commissioner of Commercial Taxes (Karnataka High Court) In the considered opinion of this Court, by no stretch of imagination it can be said that merely because the dealer has submitted audited statement of accounts in Form VAT 240 he is entitled for input tax credit (ITC). It is pertinent to note that Form VAT 240 is only the audited statement of accounts issued by the Chartered Accountant/Cost Accountant/Tax Practitioner and it can never be construed as returns to compute the net tax liability under Section 10(3) as rightly held by the learned sing...