Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
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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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