Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
