Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Input tax credit could not be denied to a bona fide purchasing dealer who bought from a registered supplier and complied with statutory requirements merely because the supplier failed to deposit the collected tax. The Department's remedy lies against the defaulting supplier, not against the purchaser, unless there is material showing that the transactions were not bona fide or were entered into in collusion. On that basis, the impugned demand and appellate orders were set aside, while the authorities were left free to proceed afresh if evidence of collusion or lack of bona fides exists.
Input tax credit could not be denied to a bona fide purchasing dealer who bought from a registered supplier and complied with statutory requirements merely because the supplier failed to deposit the collected tax. The Department's remedy lies against the defaulting supplier, not against the purchaser, unless there is material showing that the transactions were not bona fide or were entered into in collusion. On that basis, the impugned demand and appellate orders were set aside, while the authorities were left free to proceed afresh if evidence of collusion or lack of bona fides exists.
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