Input Tax Credit as legislative concession: entitlement subject to statutory conditions, but retrospective deprivation of vested accruals is vulnerable. Input Tax Credit (ITC) is a legislative concession, not a vested right, so the legislature may lawfully prescribe eligibility conditions and procedural ... Summary
Input Tax Credit as legislative concession: entitlement subject to statutory conditions, but retrospective deprivation of vested accruals is vulnerable.
Input Tax Credit (ITC) is a legislative concession, not a vested right, so the legislature may lawfully prescribe eligibility conditions and procedural limits which taxpayers must strictly satisfy; however, retrospective amendments that destroy or diminish an already accrued entitlement are susceptible to challenge and have been treated as impermissible when they impair rights that vested before the amendment.
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TaxTMI 
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