Calcutta HC admits Indorama’s writ-petition challenging denial of ITC-refund in ‘business transfer’ scenario

Calcutta HC admits writ petition filed by Indorama, a leading manufacturer and supplier of Fertilisers, assailing appellate order denying refund of unutilized ITC on goods under section 54 (3) read with Rule 89 (5) in case of an inverted duty structure; Taking note of the fact that upon business transfer, assessee received input credits (u/s 18(3)) and thus it was not self-procured, Revenue contested that assessee was not entitled to avail refund; Petitioner in-turn, challeng...