Proviso to Rule 4(1) of CENVAT Credit Rules, 2004 has prospective effect

ITC Sonar (A Unit of ITC Limited) Vs Commissioner of CGST & CX (CESTAT Kolkata) The only issue to be decided in this Appeal is whether the 3rd Proviso of Rule 4(1) of CENVAT Credit Rules, 2004 as introduced w.e.f. 01.09.2014, has got retrospective effect. I find that the said proviso was introduced w.e.f. 01.09.2014 and there is no stipulation in the amending Notification that the same shall apply retrospectively. Rules of interpretation provide that whenever any statute is newly added, the same has got only prospective effect unless it is specifically provided in the amending statute or t...