Time Relevance of Expense: commission deductible when incurred; restructuring transfers, lease obligations upheld; unenforceable sale agreement bars l...
Abuse of dominant position allegations against an exchange found not prima facie; regulator reliance on sectoral expertise upheld and no investigation...
A High Court held that the six-month time limit for filing a rectification application under Notification No. 22/2024 is procedural and cannot defeat a substantive input tax credit benefit recognised by the retrospective insertion of Sections 16(5) and 16(6). On that basis, rejection of the application as time-barred was not sustained, and the matter was restored for fresh consideration on merits after notice. The respondent was permitted to verify actual entitlement, including whether input tax credit had in fact been availed and whether other statutory conditions were met.
A High Court held that the six-month time limit for filing a rectification application under Notification No. 22/2024 is procedural and cannot defeat a substantive input tax credit benefit recognised by the retrospective insertion of Sections 16(5) and 16(6). On that basis, rejection of the application as time-barred was not sustained, and the matter was restored for fresh consideration on merits after notice. The respondent was permitted to verify actual entitlement, including whether input tax credit had in fact been availed and whether other statutory conditions were met.
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