GST timing for Toll-Operate-Transfer concessions: concessionaires pay integrated tax when operation and maintenance expenses are charged to escrow acc...
Input tax credit conditions for concessional service rates permit limited same-line credits for hotels, catering, and electrically operated vehicle se...
Return-processing adjustments cannot disallow diminution in the value of a business-purpose investment in a wholly owned subsidiary solely because a tax audit report describes it as capital expenditure where binding jurisdictional precedent permits an analogous business loss. Once an intimation is issued after considering the taxpayer's response, the Centralised Processing Centre performs a quasi-judicial function and must follow binding High Court law. Failure to consider a jurisdictional High Court decision delivered before the intimation, and specifically raised in a rectification application, constitutes a mistake apparent from the record. The resulting disallowance requires rectification in accordance with that precedent.
Return-processing adjustments cannot disallow diminution in the value of a business-purpose investment in a wholly owned subsidiary solely because a tax audit report describes it as capital expenditure where binding jurisdictional precedent permits an analogous business loss. Once an intimation is issued after considering the taxpayer's response, the Centralised Processing Centre performs a quasi-judicial function and must follow binding High Court law. Failure to consider a jurisdictional High Court decision delivered before the intimation, and specifically raised in a rectification application, constitutes a mistake apparent from the record. The resulting disallowance requires rectification in accordance with that precedent.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
