Business expenditure and depreciation rules allow operational outgoings while limiting disallowances for personal elements and unsupported third-party...
Compromise-and-arrangement extensions may accommodate debt assignment where creditor commercial judgment supports value maximisation and avoids proced...
Delayed-payment surcharge is not taxable tolerance consideration where it penalises default, while meter testing follows electricity distribution trea...
Sufficient cause for delayed revenue income-tax appeals requires bona fides, due diligence and a credible explanation; otherwise limitation bars appea...
Inverted-duty-structure refunds remain available for unchanged-rate apparel supplies despite trader status and require tax-period-specific computation...
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Assignment or transfer of leasehold rights in a GIDC industrial plot is characterised as a transfer of benefits arising from immovable property, not a taxable GST supply. GST charged on that transfer therefore lacks legal basis, and input tax credit reversal and interest premised on the assumed levy cannot stand. The blocked-credit restriction for goods or services used in construction of immovable property does not apply where no construction activity occurred. As the underlying transaction is not taxable and the blocked-credit premise fails, allegations of wrongful credit, fraud, wilful misstatement or suppression for section 74 proceedings, including consequential penalty, cannot be sustained. The adjudication and appellate demands were quashed, with refund of tax and interest directed.
Assignment or transfer of leasehold rights in a GIDC industrial plot is characterised as a transfer of benefits arising from immovable property, not a taxable GST supply. GST charged on that transfer therefore lacks legal basis, and input tax credit reversal and interest premised on the assumed levy cannot stand. The blocked-credit restriction for goods or services used in construction of immovable property does not apply where no construction activity occurred. As the underlying transaction is not taxable and the blocked-credit premise fails, allegations of wrongful credit, fraud, wilful misstatement or suppression for section 74 proceedings, including consequential penalty, cannot be sustained. The adjudication and appellate demands were quashed, with refund of tax and interest directed.
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