Credit can be claimed when exempted by-products are obtained while producing taxable goods under UP VAT Act

Modi Naturals Ltd Vs Commissioner Of Commercial Tax Up (Supreme Court of India) The Hon’ble Supreme Court in the case of M/s. Modi Naturals Ltd. v. The Commissioner of Commercial Tax UP [Civil Appels No. 5822-5823 of 2023 dated November 6, 2023] allowed the appeal filed and held that, the Assessee can claim the full amount of Input Tax Credit (“ITC”) on Rice Bran procured for manufacturing of Rice Bran Oil and exempted products under the provisions of the Uttar Pradesh Value Added Tax Act, 2008 (“the UP VAT Act”), thereby holding that Explanation (iii) to Section 13 of the UP VAT Act...