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...
Retrospective input tax credit under section 16(5) was held to relax only the time bar in section 16(4) for specified returns and not to waive other eligibility conditions. Because the credit had already been denied for excess availment under rule 36(4) and related circulars, the later amendment did not reopen any right to reclaim the reversed credit. Re-availment of reversed input tax credit was also treated as a refund barred by section 150 of the Finance (No. 2) Act, 2024, since the provision expressly covers reversed credit and a narrower reading would produce absurd results.
Retrospective input tax credit under section 16(5) was held to relax only the time bar in section 16(4) for specified returns and not to waive other eligibility conditions. Because the credit had already been denied for excess availment under rule 36(4) and related circulars, the later amendment did not reopen any right to reclaim the reversed credit. Re-availment of reversed input tax credit was also treated as a refund barred by section 150 of the Finance (No. 2) Act, 2024, since the provision expressly covers reversed credit and a narrower reading would produce absurd results.
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