Court Upholds Rule 89(5) Validity on ITC Refunds Despite Anomalies, Aligns with Section 54(3) CGST Act.

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....Refund of unutilised ITC on input services - Vires of Rule 89(5) vis-à-vis Section 54(3) of the CGST Act - While we are alive to the anomalies of the formula, an anomaly per se cannot result in the invalidation of a fiscal rule which has been framed in exercise of the power of delegated legislation. - We are affirmatively of the view that this Court should not in the exercise of the power of judicial review allow itself to become a one-time arbiter of any and every anomaly of a fiscal regime despite its meeting the jurisdictional framework for the validity of the legislation, including delegated legislation. - SC....