Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
Input Tax Credit - Reversal / refunding of ITC - the Integrated Goods and Service Tax (IGST) was not paid and ‘NIL’ return had been filed by the seller but the petitioners had availed of input tax credit - The High court noted discrepancies in the handling of the case by the authorities, particularly the failure to proceed against the seller before reversing the petitioners' input tax credit. HC emphasized the established legal principle that the buyer cannot be burdened with refunding the input tax credit without the authorities first taking action against the seller, except under exceptional circumstances.
Input Tax Credit - Reversal / refunding of ITC - the Integrated Goods and Service Tax (IGST) was not paid and ‘NIL’ return had been filed by the seller but the petitioners had availed of input tax credit - The High court noted discrepancies in the handling of the case by the authorities, particularly the failure to proceed against the seller before reversing the petitioners' input tax credit. HC emphasized the established legal principle that the buyer cannot be burdened with refunding the input tax credit without the authorities first taking action against the seller, except under exceptional circumstances.
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