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2023 (8) TMI 51 - HC - VAT and Sales TaxSet off on the purchase of HSD - authorities disputed the admissibility of set off on the purchases of HSD on the ground that under Rule 54(b) of Maharashtra Value Added Rules 2005, the set off was barred - HELD THAT:- The Hon’ble Apex Court in ASSISTANT COMMISSIONER, INCOME TAX, RAJKOT VERSUS SAURASHTRA KUTCH STOCK EXCHANGE LTD [2008 (9) TMI 11 - SUPREME COURT] has held that a judicial decision acts retrospectively. The Judges do not make law, they only discover or find the correct law. The law has always been the same and if a subsequent decision alters the earlier one, the later decision does not make a new law. It only discovers the correct principle of law which has to be applied retrospectively. The Hon’ble Apex Court held that even when an earlier decision of the court operated for quite sometime, the decision rendered later on would have retrospective effect, clarifying the legal position which was earlier not correctly understood. The Tribunal was justified in rejecting the claim because the High Court has clarified in Gupta Metallics [2012 (8) TMI 818 - BOMBAY HIGH COURT] that the provisions of Section 54(b) of the Act did not allow the set off to be granted on purchase of HSD. Certainly, the Commissioner in an application under Section 56 of the Act cannot say it will have prospective effect. There are no reason to interfere. Appeal dismissed.
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