Section 12(5) in Bihar Value Added Tax Rules, 2005
(5)(a)In case of goods purchased from inside the State and transferred either to consignment agent or branch or head office or to a sub contractor, the input tax credit shall be claimed by the transferee on the basis of the declaration in Form DIV issued by the transferor. In such cases the value shown in the declaration in Form D-IV shall be deemed to be the value of purchase by the transferee.(b)No input tax credit shall be available to a registered dealer for tax paid or payable at the time of purchase of goods if such goods are not sold because of any theft, loss or destruction for any reason, including natural calamity, and if a dealer has already taken any input tax credit against purchase of such goods the dealer shall incur a reverse tax credit at the end of the month in which such goods are stolen, lost or destroyed.(c)No input tax credit shall be claimed by a registered dealer in respect of tax paid at the time of purchase unless he encloses a declaration in form D-XI, giving details of his purchases, along with the return filed by him in form RT-I.
