VAT vs. Books Difference: ITAT Deletes Purchase Disallowance on ITC Reversal

Ankur Fine Products Vs ITO (ITAT Ahmedabad) VAT vs Books Difference Explained – ITAT Ahmedabad Deletes ₹9.99 Lakh Disallowance for Statutory ITC Reversal in Pharma Trade Ahmedabad    ITAT   deleted the disallowance of ₹9,99,393/- made on account of alleged inflated purchases arising from a difference between VAT returns &  audited books of accounts. Assessee, a partnership firm dealing in pharmaceuticals &  bulk drugs, had declared purchases of ₹29.89 crore in its books, whereas the VAT return reflected ₹29.74 crore, leading the AO to conclude that purchases were infla...