Refund denied for late ITC claim. Court says strict time limit not a must. No flaws in orders. Petition rejected.

Refund denied for late ITC claim. Court says strict time limit not a must. No flaws in orders. Petition rejected. https://www.taxtmi.com/highlights?id=80262 Rejection of refund of unutilized Input Tax Credit (ITC) due to delay of 2 days beyond the 60-day statutory limit u/s 54(7) of the Act. Court held that the term "shall" in the section is directory, not mandatory, considering the availability of interest on delayed refunds u/s 56. Rigid adherence to the time limit would not serve the legislative intent. The impugned orders were deemed well-reasoned, with no procedural flaws or legal violations. Petitioner failed to show any merit for interference. High Court dismissed the application, finding no grounds for intervention. en-us Thu, 08 Aug 2024 09:11:18 +0530 Thu, 08 Aug 2024 09:11:18 +0530 TaxTMI RSS Generator Refund denied for late ITC claim. Court says strict time limit not a must. No flaws in orders. Petition rejected. https://www.taxtmi.com/highlights?id=80262 Rejection of refund of unutilized Input Tax Credit (ITC) due to delay of 2 days beyond the 60-day statutory limit u/s 54(7) of the Act. Court held that the term "shall" in the section is directory, not mandatory, considering the availability of interest on delayed refunds u/s 56. Rigid adherence to the time limit would not serve the legislative intent. The impugned orders were deemed well-reasoned, with no procedural flaws or legal violations. Petitioner failed to show any merit for interference. High Court dismissed the application, finding no grounds for intervention. Highlights GST Thu, 08 Aug 2024 09:11:18 +0530 https://www.taxtmi.com/highlights?id=80262