Section 17(11) in Manipur Value Added Tax Act, 2004
(11)If the purchase of goods intended for sale or resale or use specified under subsection (4) are not sold or resold or used because of theft, loss or destruction for any reason or if the stock of such goods remains unsold at the time of closure of business but such goods are subsequently used, fully or partly, for purposes other than those specified under the said sub-section, the input tax credit availed at the time of such purchase shall be reduced from the subsequent input tax credit and the amount of reverse tax credit in respect thereof shall be calculated in a manner that is just and reasonable.
