Summary
- The Madras High Court has dismissed a CENVAT refund claim, stating that the substituted notification applies retrospectively.
- The court ruled that the relevant date for filing refund claims is the date of receipt of payment in convertible foreign exchange under this notification.
- As a result, the refund claims were deemed to be beyond the limitation period.
- This ruling could set a precedent for future cases involving retrospective application of tax notifications.
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