Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Input Tax Credit (ITC) - availability of inputs to the Assesses when the Godowns constructed by him is entirely meant for renting it out for Commercial purposes to registered dealers - The Authority for Advanced Ruled (AAR) analyzed Section 17(5)(d) of the CGST Act, which clearly states that no ITC is available for goods or services used in constructing immovable property for one's own account. It rejected the applicant's argument that denial of ITC violates Article 14 of the Constitution, stating that legislative intent prevails. - The AAR ruled that the legislative scheme restricts the flow of credit in certain situations, and taxpayers must adhere to these restrictions. Therefore, the AAR held that no Input Tax Credit is available on inputs when godowns are constructed for renting out for commercial purposes.
Input Tax Credit (ITC) - availability of inputs to the Assesses when the Godowns constructed by him is entirely meant for renting it out for Commercial purposes to registered dealers - The Authority for Advanced Ruled (AAR) analyzed Section 17(5)(d) of the CGST Act, which clearly states that no ITC is available for goods or services used in constructing immovable property for one's own account. It rejected the applicant's argument that denial of ITC violates Article 14 of the Constitution, stating that legislative intent prevails. - The AAR ruled that the legislative scheme restricts the flow of credit in certain situations, and taxpayers must adhere to these restrictions. Therefore, the AAR held that no Input Tax Credit is available on inputs when godowns are constructed for renting out for commercial purposes.
Note: It is a system-generated summary and is for quick reference only.
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