https://www.taxtmi.com/caselaws?id=289378 A taxing statute that provides a specific mechanism for refund of excess security and subsequent adjustment must be followed in sequence. Excess security retained by the tax authorities cannot be directly set off against future security requirements for later transactions, because each transaction is treated separately and adjustment is permitted only after refund is processed under the prescribed rules. The Court rejected the attempt to bypass the statutory refund procedure and noted that direct adjustment would defeat the accounting and scrutiny built into the framework. Compliance with the refund-and-adjustment procedure was therefore required before any post-refund set-off could be made. en-us Wed, 11 May 2005 00:00:00 +0530 Tue, 28 Jul 2020 10:12:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289378 A taxing statute that provides a specific mechanism for refund of excess security and subsequent adjustment must be followed in sequence. Excess security retained by the tax authorities cannot be directly set off against future security requirements for later transactions, because each transaction is treated separately and adjustment is permitted only after refund is processed under the prescribed rules. The Court rejected the attempt to bypass the statutory refund procedure and noted that direct adjustment would defeat the accounting and scrutiny built into the framework. Compliance with the refund-and-adjustment procedure was therefore required before any post-refund set-off could be made. Case-Laws VAT and Sales Tax Wed, 11 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289378