Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Availing and utilization of Input Tax Credit - The applicant had initially opted to pay GST at a lower rate without availing full ITC on goods and services used in their supplies. Consequently, they forfeited the right to claim ITC on purchases made during that period. The supplier reported the sale of the motor vehicle in their GSTR-01 for July 2023, while the applicant claimed that the invoice was dated August 4, 2023. However, the Authority concluded that the supply occurred in July 2023, during the period when the applicant was still availing the lower rate of tax without full ITC. - The AUTHORITY FOR ADVANCE RULING (AAR) ruled that the applicant was not eligible to claim input tax credit on the purchase of the motor vehicle due to the timing of the supply and their previous tax payment and ITC policy.
Availing and utilization of Input Tax Credit - The applicant had initially opted to pay GST at a lower rate without availing full ITC on goods and services used in their supplies. Consequently, they forfeited the right to claim ITC on purchases made during that period. The supplier reported the sale of the motor vehicle in their GSTR-01 for July 2023, while the applicant claimed that the invoice was dated August 4, 2023. However, the Authority concluded that the supply occurred in July 2023, during the period when the applicant was still availing the lower rate of tax without full ITC. - The AUTHORITY FOR ADVANCE RULING (AAR) ruled that the applicant was not eligible to claim input tax credit on the purchase of the motor vehicle due to the timing of the supply and their previous tax payment and ITC policy.
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