Section 150 - No refund of tax paid or input tax credit reversed.
Section 150: No Refund for Tax Paid or Input Tax Credit Reversed
This section stipulates that there will be no refunds for any taxes paid or input tax credits that have been reversed. This applies to situations where these actions would not have occurred if Section 118 had been in effect during the relevant time periods. Essentially, if Section 118 had been active and would have prevented the tax payment or credit reversal, those actions are still considered final, and no refunds will be issued. This ensures that past actions remain unchanged even if a law that could have altered those actions is later considered. The section aims to provide clarity and finality to tax transactions that were conducted under different legislative conditions.
Note: It is an AI generated summary for reference purpose only.
No refund of tax paid or input tax credit reversed.
150. No refund shall be made of all the tax paid or the input tax credit reversed, which would not have been so paid, or not reversed, had section 118 been in force at all material times.
