Mechanical approval under search assessment law vitiates assessments when sanction lacks application of mind; retrospective curative provision cannot ...
Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
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Input tax credit on reverse charge services from an unregistered foreign supplier was treated as sustainable where the registered recipient raised a self-invoice, discharged tax under reverse charge, and claimed credit on that basis. Reading section 9(3), section 16(2)(a), section 31(3)(f) and rule 36 together, the self-invoice was recognised as a valid tax-paying document, and credit could not be denied merely because the foreign supplier's invoice identified a particular unit. The text also states that, for the relevant period, ITC distribution to other distinct persons without Input Service Distributor registration was not impermissible, as unamended section 20 was only enabling and the later compulsory-registration amendment indicated the earlier position. Revenue neutrality was noted as supporting denial of no technical objection.
Input tax credit on reverse charge services from an unregistered foreign supplier was treated as sustainable where the registered recipient raised a self-invoice, discharged tax under reverse charge, and claimed credit on that basis. Reading section 9(3), section 16(2)(a), section 31(3)(f) and rule 36 together, the self-invoice was recognised as a valid tax-paying document, and credit could not be denied merely because the foreign supplier's invoice identified a particular unit. The text also states that, for the relevant period, ITC distribution to other distinct persons without Input Service Distributor registration was not impermissible, as unamended section 20 was only enabling and the later compulsory-registration amendment indicated the earlier position. Revenue neutrality was noted as supporting denial of no technical objection.
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