Final benami adjudication bars contradictory tax-evasion prosecution where settlement findings confirm full disclosure and cooperation without conceal...
Faceless assessment and registration procedures are updated through electronic communication, revised recovery rules, extended deadlines, and replacem...
Risk-based selective vessel boarding requires accurate declarations and preserves master and agent liability where physical inspections are not select...
Net ITC for refund of unutilised Compensation Cess credit on zero-rated supplies is confined to input tax credit actually availed and attributable to the relevant refund period. A reversal recorded in that period need not reduce Net ITC where records establish that it relates to residual unutilised credit from earlier tax periods and was not included in the credit supporting the refund claim. Paragraph 43(c) of the departmental circular must operate consistently with the statutory refund formula and cannot require deduction of every reversal reported during the period, thereby curtailing a statutory refund entitlement.
Net ITC for refund of unutilised Compensation Cess credit on zero-rated supplies is confined to input tax credit actually availed and attributable to the relevant refund period. A reversal recorded in that period need not reduce Net ITC where records establish that it relates to residual unutilised credit from earlier tax periods and was not included in the credit supporting the refund claim. Paragraph 43(c) of the departmental circular must operate consistently with the statutory refund formula and cannot require deduction of every reversal reported during the period, thereby curtailing a statutory refund entitlement.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
