Minimum Public Offer Requirements set tiered issuer-based allotment minima with mandatory staged public shareholding increases and exchange enforcemen...
Disallowance under tax law for investment expenses cannot be applied mechanically; authority must record clear reasons before increasing assessee's su...
The High Court held that the limitation provision applicable to refund claims is the one in force on the date of the underlying transaction, so the amended Explanation 2(e) to Section 54 of the CGST Act could not retrospectively curtail refund rights for periods before 1 February 2019. It further held that refund of unutilised input tax credit on zero-rated supplies is governed by Explanation 2(e), not Explanation 2(a), because such claims depend on credit accrual, ledger reflection, return filing and remaining unutilised. The orders rejecting the claims as time-barred were set aside and the refund applications were directed to be processed on merits.
The High Court held that the limitation provision applicable to refund claims is the one in force on the date of the underlying transaction, so the amended Explanation 2(e) to Section 54 of the CGST Act could not retrospectively curtail refund rights for periods before 1 February 2019. It further held that refund of unutilised input tax credit on zero-rated supplies is governed by Explanation 2(e), not Explanation 2(a), because such claims depend on credit accrual, ledger reflection, return filing and remaining unutilised. The orders rejecting the claims as time-barred were set aside and the refund applications were directed to be processed on merits.
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