Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
Entitlement to Input Tax Credit (ITC) - Inward supply of Car / Demo cars - Car used for demonstration purpose to the potential customer interested in buying Mercedes Benz Car - The Authority ruled that the applicant is entitled to claim ITC on the inward supply of demo cars. The key rationale is that the demo cars, while initially used for demonstration purposes, are later sold, which qualifies as a 'further supply of such motor vehicles.' This decision underscores that demo vehicles are not merely for display but are an integral part of the sales and business strategy, thereby meeting the criteria set under Section 16 of the GST Act for claiming ITC.
Entitlement to Input Tax Credit (ITC) - Inward supply of Car / Demo cars - Car used for demonstration purpose to the potential customer interested in buying Mercedes Benz Car - The Authority ruled that the applicant is entitled to claim ITC on the inward supply of demo cars. The key rationale is that the demo cars, while initially used for demonstration purposes, are later sold, which qualifies as a 'further supply of such motor vehicles.' This decision underscores that demo vehicles are not merely for display but are an integral part of the sales and business strategy, thereby meeting the criteria set under Section 16 of the GST Act for claiming ITC.
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