Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
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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