https://www.taxtmi.com/caselaws?id=162827 Rule 41-C was construed on its plain language to allow drawback, set-off or refund where Schedule B goods purchased on payment of tax were used in manufacturing goods within the same Schedule B entry, even if the process also yielded Schedule E goods or scrap as a by-product. Iron and steel scrap was treated as a distinct taxable commodity, so relief could be claimed to the extent iron and steel inputs were proved to have gone into the scrap. The Court further held that the 1990 retrospective amendment could not validly withdraw an accrued and vested tax benefit without a demonstrated overriding public interest or equity, and therefore struck it down as unreasonable, invalid and unconstitutional. en-us Wed, 31 Jan 2007 00:00:00 +0530 Fri, 14 Mar 2014 18:48:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=162827 Rule 41-C was construed on its plain language to allow drawback, set-off or refund where Schedule B goods purchased on payment of tax were used in manufacturing goods within the same Schedule B entry, even if the process also yielded Schedule E goods or scrap as a by-product. Iron and steel scrap was treated as a distinct taxable commodity, so relief could be claimed to the extent iron and steel inputs were proved to have gone into the scrap. The Court further held that the 1990 retrospective amendment could not validly withdraw an accrued and vested tax benefit without a demonstrated overriding public interest or equity, and therefore struck it down as unreasonable, invalid and unconstitutional. Case-Laws VAT and Sales Tax Wed, 31 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=162827