Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Transitional input tax credit carried forward through Form TRAN-1 may be examined by the competent GST authority under Rules 117 and 121 of the GST Rules, 2017, rather than through a VAT assessment. A service provider was not entitled to claim VAT input tax credit because it was not engaged in the sale or purchase of goods, so disallowance of the credit in the VAT assessment was sustained. However, the VAT assessing officer lacked jurisdiction to recover tax, interest or penalty relating to credit transitioned into the GST regime; that demand was set aside.
Transitional input tax credit carried forward through Form TRAN-1 may be examined by the competent GST authority under Rules 117 and 121 of the GST Rules, 2017, rather than through a VAT assessment. A service provider was not entitled to claim VAT input tax credit because it was not engaged in the sale or purchase of goods, so disallowance of the credit in the VAT assessment was sustained. However, the VAT assessing officer lacked jurisdiction to recover tax, interest or penalty relating to credit transitioned into the GST regime; that demand was set aside.
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