https://www.taxtmi.com/caselaws?id=262146 Subordinate tax rules cannot curtail accrued input tax credit before the parent statute authorises that restriction. The Court noted that input tax credit under the Punjab Value Added Tax Act accrued on purchase of taxable goods, and that before the amendment to Section 13 taking effect on 01.04.2014, there was no legislative basis to link already earned credit on stock-in-trade to the lower tax rate applicable on sale. Rule 21(8), introduced on 21.01.2014, therefore operated without statutory support for the earlier period and could not reduce a vested fiscal entitlement retrospectively. The writ petitions were allowed and the rule was held inapplicable for the interregnum before 01.04.2014. en-us Wed, 20 May 2015 00:00:00 +0530 Sat, 05 Mar 2016 10:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262146 Subordinate tax rules cannot curtail accrued input tax credit before the parent statute authorises that restriction. The Court noted that input tax credit under the Punjab Value Added Tax Act accrued on purchase of taxable goods, and that before the amendment to Section 13 taking effect on 01.04.2014, there was no legislative basis to link already earned credit on stock-in-trade to the lower tax rate applicable on sale. Rule 21(8), introduced on 21.01.2014, therefore operated without statutory support for the earlier period and could not reduce a vested fiscal entitlement retrospectively. The writ petitions were allowed and the rule was held inapplicable for the interregnum before 01.04.2014. Case-Laws VAT and Sales Tax Wed, 20 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262146