Exclusive : Provisions curtailing transitional & deemed ITC beyond stipulated periods, under Delhi HC scanner

Delhi HC issues notice to Revenue in writ petitions challenging entitlement to transitional input tax credit of stock not earlier than 1 year immediately preceding the appointed date i.e. July 1, u/s 140(3)(iv) of CGST Act; Petitioners also challenge availability of deemed credit scheme for a period of 6 months from appointed date, in terms of proviso to Section 140(3) r/w Rule 117(4)(a)(iii) of CGST Rules; Directs Revenue to file counter-affidavit while listing both matters ...