Court Grants Refund for Unutilized ITC Due to Inverted Tax Structure, Overruling Restrictive Board Circular Interpretation.

Refund of the unutilized ITC accumulated on account of inverted tax structure - refund claimed on account of rate of tax on inputs being higher than the rate of tax on output supplies - By way of the circular, the Board is curtailing the said benefit and making refund permissible only if the input and output supplies are different. - The respondent authority ought not to reject the claim of the petitioners relying on the circular as the prayer made by the petitioners is permissible under the Act - it is held that the petitioners will be entitled to the refund as claimed - HC .....

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