Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
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Refund of unutilised input tax credit - inverted duty structure - The impugned orders proceed on erroneous assumptions and presumptions. The premise on which the claim for refund has been outrightly rejected is that the output sales is to the extent of 80% of goods having 5% duty only and input too is majorly of 5% rate. On that basis, it has been concluded that the rate is more or less the same. This approach that “rate is more of less the same”, runs contrary to the statutory scheme. This patently violates not only the letter but also the spirit of the law. - HC
Refund of unutilised input tax credit - inverted duty structure - The impugned orders proceed on erroneous assumptions and presumptions. The premise on which the claim for refund has been outrightly rejected is that the output sales is to the extent of 80% of goods having 5% duty only and input too is majorly of 5% rate. On that basis, it has been concluded that the rate is more or less the same. This approach that “rate is more of less the same”, runs contrary to the statutory scheme. This patently violates not only the letter but also the spirit of the law. - HC
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