Gujarat HC strikes down Section 140(3)(iv), one year time period to avail transitional credit unconstitutional

HC strikes down clause (iv) of subsection (3) of section 140 which imposes a condition on availment of transitional input tax credit (ITC) in case of dealers by stipulating that invoices/other prescribed documents should not be issued earlier than 12 months immediately preceding the appointed day; Rejects Revenue’s contention that provision is introduced since physical identification of goods is necessary so as to ensure that the first stage dealers do not take any undue ad...