Settlement of Mutual Debt through Book Adjustment is a Valid Mode of Payment of Consideration, Input Credit is Admissible: AAR [Read Order]

Settlement - Settlement of Mutual Debt - Mutual Debt - Valid Mode of Payment - Payment of Consideration - Input Credit is Admissible - Input Credit - AAR - Authority for Advance Ruling - taxscan

The Kerala Authority for Advance Ruling (KAAR) has held that settlement of mutual debt through book adjustment is a valid mode of payment of consideration and the input credit is admissible. Paragon Polymer Products Private Limited, the applicant is in the business of manufacturing and trading footwear. The question before the authority was, in the…

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