HC: Directs Revenue to conduct verification/adjustment of assessee’s 'transitional credit' claims

Madras HC disposes the writ directing the Revenue to do the verification exercise of assessee’s transitional claims under Rule 121 of TNGST Rules; Notes that assessee verily believed that it had ITC to the tune of 2.14 crores (approx.), however, later upon realizing that it does not have the requisite Forms to support this, the transition u/s 140 of TNGST Act sought was scaled down to 38.51 lakhs (approx.); Considers the petitioner's request to adjust part of 1.76...