Amendment in TN VAT Act for rectification of an anomaly is retrospective: HC

Nezone Tubes Limited Vs The Assistant Commissioner (CT) (Madras High Court) M/s. Nezone Tubes Limited (the Petitioner) filed a writ petition on the issue that whether the benefit of Input Tax Credit (ITC) is to be extended in respect of the transactions occurred prior to the issue of amendment in the Tamil Nadu VAT Act, 2006 (5 of 2015). The Petitioner contended that the amendment was effected by way of rectification of an anomaly and therefore, it cannot be construed as a new policy. Thus, the benefit of ITC granted pursuant to the amendment is to be extended so as to cover the transactions t...