Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
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The six-month application period for rectifying orders denying input tax credit was questioned as an impermissible restriction on statutory entitlement. Although the Government may prescribe a special procedure for input tax credit, that power must include conditions and safeguards protecting taxpayers. The amended provision made credit available for returns filed by the stipulated date but did not impose an application deadline. A procedure that bars relief after six months without allowing extension where sufficient cause prevented timely application curtails the accrued right to credit. The notification was considered deficient for lacking such a safeguard, with further consideration directed after impleadment of relevant governmental bodies.
The six-month application period for rectifying orders denying input tax credit was questioned as an impermissible restriction on statutory entitlement. Although the Government may prescribe a special procedure for input tax credit, that power must include conditions and safeguards protecting taxpayers. The amended provision made credit available for returns filed by the stipulated date but did not impose an application deadline. A procedure that bars relief after six months without allowing extension where sufficient cause prevented timely application curtails the accrued right to credit. The notification was considered deficient for lacking such a safeguard, with further consideration directed after impleadment of relevant governmental bodies.
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