GST turnover reconciliation prevents gross-profit additions where duplicate reporting, rather than off-book sales, explains the reported turnover diff...
Mandatory limitation for final assessments runs from electronic directions under the special statutory timeline, overriding general assessment time li...
Managing director performance commission qualifies as deductible remuneration where it reflects services, salary taxation, declared dividends, and con...
Input tax credit requires the claimant to establish actual receipt of goods. Invoices, e-way bills, transport documents, stock records and banking-channel payments do not prove receipt where suppliers are found bogus or non-existent and vehicle-related material indicates no physical movement of goods. Payment of tax cannot replace the statutory requirement of actual receipt, supporting denial of credit. Separate penalties for the same wrongful availment require recorded justification and must comply with the bar on multiple penalties for the same act or omission. Penalty enhancement also requires adherence to principles of natural justice; penalty determination must therefore be reconsidered under that statutory restriction.
Input tax credit requires the claimant to establish actual receipt of goods. Invoices, e-way bills, transport documents, stock records and banking-channel payments do not prove receipt where suppliers are found bogus or non-existent and vehicle-related material indicates no physical movement of goods. Payment of tax cannot replace the statutory requirement of actual receipt, supporting denial of credit. Separate penalties for the same wrongful availment require recorded justification and must comply with the bar on multiple penalties for the same act or omission. Penalty enhancement also requires adherence to principles of natural justice; penalty determination must therefore be reconsidered under that statutory restriction.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4935 
