Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Denial of Input Tax Credit - The case revolved around the disallowance of Input Tax Credit (ITC) claimed by the petitioner due to discrepancies in their return and the GSTR-2A return. The petitioner explained that the discrepancy arose from an invoice issued by their supplier, which contained an incorrect GSTIN. Despite the respondent's suggestion to pursue rectification proceedings, the court intervened, noting the potential injustice faced by the petitioner. Upon verification of records, the court found merit in the petitioner's claim and quashed the assessment order. The matter was remanded to the assessing officer for fresh consideration.
Denial of Input Tax Credit - The case revolved around the disallowance of Input Tax Credit (ITC) claimed by the petitioner due to discrepancies in their return and the GSTR-2A return. The petitioner explained that the discrepancy arose from an invoice issued by their supplier, which contained an incorrect GSTIN. Despite the respondent's suggestion to pursue rectification proceedings, the court intervened, noting the potential injustice faced by the petitioner. Upon verification of records, the court found merit in the petitioner's claim and quashed the assessment order. The matter was remanded to the assessing officer for fresh consideration.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
