Court Quashes ITC Refund Order; Case Remanded for Reassessment u/r 89(4) Formula.

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....Refund of the accumulated ITC - formula as provided under Sub Rule (4) of Rule 89 of the Rules - It is not even necessary to now quash and set aside the order passed by the Joint Commissioner (Appeals), as, in fact, the matter should go back to the Assistant Commissioner for the purpose of determination of the refund claim in accordance with the principle / formula, as provided and explained in the reply. But, at the same time, it would be necessary to quash and set aside the order passed by the Joint Commissioner dated 19th July 2021 - HC....