Section 27(4) of TNVAT Act Inapplicable Without Section 27(2) order for Wrong ITC or False Documents

Shree Laxmi Jewellery Ltd. Vs State of Tamil Nadu (Madras High Court) HC held that the Tribunal committed serious error in holding that Section 27(4) of the TNVAT Act would stand attracted. We say so for more than one reason. Firstly, the appeal filed by the revenue was not on the said ground, the only to assist the penalty under Section 27(3) of the TNVAT Act. Consequently, the Tribunal ought to have considered the vital fact that for Section 27(4) of the TNVAT Act to stand attracted the assessee’s case revision brought under Section 27(2) of the TNVAT Act. In other words, the Tribunal ...