Minimum Public Offer Requirements set tiered issuer-based allotment minima with mandatory staged public shareholding increases and exchange enforcemen...
Disallowance under tax law for investment expenses cannot be applied mechanically; authority must record clear reasons before increasing assessee's su...
Input tax credit cannot be denied to a bona fide purchasing dealer merely because the supplier failed to deposit the tax collected from the buyer; the Department's remedy lies against the defaulting supplier, not against the purchaser. That protection, however, does not extend to sham, collusive, or otherwise non-bona fide transactions, and the authorities may proceed where material shows such infirmity. Applying the Division Bench ruling already accepted by both sides, the Court set aside the impugned demand order and allowed the writ petition, while preserving liberty to act in accordance with law if the transactions are shown to be collusive or lacking bona fides.
Input tax credit cannot be denied to a bona fide purchasing dealer merely because the supplier failed to deposit the tax collected from the buyer; the Department's remedy lies against the defaulting supplier, not against the purchaser. That protection, however, does not extend to sham, collusive, or otherwise non-bona fide transactions, and the authorities may proceed where material shows such infirmity. Applying the Division Bench ruling already accepted by both sides, the Court set aside the impugned demand order and allowed the writ petition, while preserving liberty to act in accordance with law if the transactions are shown to be collusive or lacking bona fides.
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