Reassessment of UPVAT ITC Not Permissible Without Turnover Escapement: Allahabad HC

Swati Menthal and Allied Chemical Ltd. Vs State of U.P. & 3 Others (Allahabad High Court) The Allahabad High Court adjudicated a batch of five writ petitions challenging reassessment proceedings initiated by the State of Uttar Pradesh under Section 29 of the U.P. Value Added Tax Act, 2008 (UPVAT Act). The petitioners, engaged in the manufacturing and trading of mentha oil and related products, had claimed Input Tax Credit (ITC) for goods supplied to Special Economic Zone (SEZ) units against Form-I. These claims were accepted during regular assessment for the Assessment Years 2014-15, 2015-...