https://www.taxtmi.com/caselaws?id=766128 Input tax credit is a statutory entitlement, and any curtailment of accrued credit on stock-in-trade requires clear authority in the parent Act. Rule 21(8) of the Punjab Value Added Tax Rules, 2005 could not operate from 25.01.2014 to 01.04.2014 because, before 01.04.2014, Section 13(1) of the parent Act had not yet been amended to permit reduction of credit by reference to the lower tax rate on sale or use. The rule could therefore take effect only from 01.04.2014, when the enabling amendment came into force, and not earlier against concluded transactions. The challenge failed and the view against the Revenue was upheld. en-us Mon, 17 Feb 2025 00:00:00 +0530 Fri, 22 May 2026 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766128 Input tax credit is a statutory entitlement, and any curtailment of accrued credit on stock-in-trade requires clear authority in the parent Act. Rule 21(8) of the Punjab Value Added Tax Rules, 2005 could not operate from 25.01.2014 to 01.04.2014 because, before 01.04.2014, Section 13(1) of the parent Act had not yet been amended to permit reduction of credit by reference to the lower tax rate on sale or use. The rule could therefore take effect only from 01.04.2014, when the enabling amendment came into force, and not earlier against concluded transactions. The challenge failed and the view against the Revenue was upheld. Case-Laws VAT / Sales Tax Mon, 17 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766128