dear members, We would like to know wether ITC can be disllaowed on purchases whose payments are due? please also let us know if the seller and pruchaser adjust the amount by way of debits and credits and as required by the books the party makes the balance payment , can the department disllaow ITC on the adjusted amount citing that since no payment was made the transfer of the right to use the goods does not come into play and hence ITC will be disllaowed. please give your views supported by case laws. regards..
