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...
Multiple show cause notices for alleged wrongful input tax credit cannot duplicate tax demands arising from the same supplier transactions. The High Court treated the later notice and consequential order as unsustainable to the extent they covered seven suppliers already included in an earlier proceeding, and quashed the duplicated portion. Proceedings concerning two additional suppliers were preserved, with the taxpayer retaining the statutory appeal remedy against that part of the later order. The material therefore distinguishes impermissible duplication of liability from separate allegations involving suppliers not covered by the original notice.
Multiple show cause notices for alleged wrongful input tax credit cannot duplicate tax demands arising from the same supplier transactions. The High Court treated the later notice and consequential order as unsustainable to the extent they covered seven suppliers already included in an earlier proceeding, and quashed the duplicated portion. Proceedings concerning two additional suppliers were preserved, with the taxpayer retaining the statutory appeal remedy against that part of the later order. The material therefore distinguishes impermissible duplication of liability from separate allegations involving suppliers not covered by the original notice.
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