Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
Reversal of ITC - The High Court found that certain findings recorded by the adjudicating authority were outside the scope of the allegations in the show-cause notice. The authority had admitted that the appellant made payment of tax to the supplier against the transaction, but failed to remit the tax to the State exchequer. However, the court deemed it arbitrary to penalize the appellant without first conducting an enquiry with the supplier. - The Court reiterated the conditions prescribed in Section 16 (2) of the Act for a dealer to be eligible to avail credit of any input tax. - The Court highlighted the importance of action against the selling dealer before directing the appellant to reverse the input tax credit. It emphasized that unless exceptional circumstances exist, proceedings should be initiated against the supplier first.
Reversal of ITC - The High Court found that certain findings recorded by the adjudicating authority were outside the scope of the allegations in the show-cause notice. The authority had admitted that the appellant made payment of tax to the supplier against the transaction, but failed to remit the tax to the State exchequer. However, the court deemed it arbitrary to penalize the appellant without first conducting an enquiry with the supplier. - The Court reiterated the conditions prescribed in Section 16 (2) of the Act for a dealer to be eligible to avail credit of any input tax. - The Court highlighted the importance of action against the selling dealer before directing the appellant to reverse the input tax credit. It emphasized that unless exceptional circumstances exist, proceedings should be initiated against the supplier first.
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