Withdrawal of obsolete FEMA circulars streamlines rules on external commercial borrowings, non-resident bond investments, and money transfer sub-agent...
Departmental appeal limitation after call-book recall preserves original filing, while documented correlation supports SAD refund on imported granules...
Income-tax prosecution fails when appellate remand removes its factual foundation; directors require company arraignment for vicarious criminal liabil...
Capital character of assignment consideration prevents taxation as residuary income, while unsupported interest-related expenditure remains non-deduct...
Make-available condition shields regional support-service receipts from Indian taxation where no independent capability or permanent establishment exi...
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Section 16(5) of the CGST Act, inserted retrospectively, grants input tax credit to taxpayers who furnished returns by its prescribed cut-off date, notwithstanding the time limit in Section 16(4). A circular cannot restrict that statutory entitlement. A notification requiring a rectification application within a specified period does not govern a taxpayer who had already filed an appeal against the assessment order before the amendment. Denial of March 2020 input tax credit and consequential demands therefore require reconsideration under Section 16(5), subject to other eligibility conditions.
Section 16(5) of the CGST Act, inserted retrospectively, grants input tax credit to taxpayers who furnished returns by its prescribed cut-off date, notwithstanding the time limit in Section 16(4). A circular cannot restrict that statutory entitlement. A notification requiring a rectification application within a specified period does not govern a taxpayer who had already filed an appeal against the assessment order before the amendment. Denial of March 2020 input tax credit and consequential demands therefore require reconsideration under Section 16(5), subject to other eligibility conditions.
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