https://www.taxtmi.com/forum/issue?id=120420 Audit officials applied Rule 42 to an opening balance of Input Tax Credit carried forward from earlier years and directed reversal via Form DRC-03, but such carry-forward ITC is a vested right not subject to Rule 42 reversal applicable to current-year credit. The refund filed for the erroneous reversal was rejected without reasons, rendering the order non-speaking; the reversal was effected under audit coercion and precedential authority supports treating transition/carry-forward ITC as substantive rights entitling the taxpayer to seek refund and judicial relief. en-us Wed, 03 Sep 2025 20:14:41 +0530 Mon, 08 Sep 2025 05:26:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=120420 Audit officials applied Rule 42 to an opening balance of Input Tax Credit carried forward from earlier years and directed reversal via Form DRC-03, but such carry-forward ITC is a vested right not subject to Rule 42 reversal applicable to current-year credit. The refund filed for the erroneous reversal was rejected without reasons, rendering the order non-speaking; the reversal was effected under audit coercion and precedential authority supports treating transition/carry-forward ITC as substantive rights entitling the taxpayer to seek refund and judicial relief. Discussion-Forum GST Wed, 03 Sep 2025 20:14:41 +0530 https://www.taxtmi.com/forum/issue?id=120420