State Govt did not have power to legislate Rule 21(8) of Punjab VAT Rules

The Jalandhar Iron & Steel Merchants Association (Regd.), Punjab & Haryana High Court in the case of The Jalandhar Iron and Steel Merchants Association(Regd), Jalandhar vs State of  Punjab has held that the State Government did not have power to legislate Rule 21(8) of Punjab VAT Rules, 2005 before 01.04.2014 so as to restrict ITC on stock of iron and steel goods as existing on the date of reduction of tax on such goods.  First proviso to 13(1) of the Act which imposed condition on claim of ITC that ITC will be available only if the goods are actually sold or used in manufacturin...