Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
Validity of reassessment order - disallowance of ITC claim - The court examined the provisions of Section 29 of the Act, which pertains to the assessment of tax on turnover escaped from assessment. It was determined that the scope of reassessment under Section 29 did not include the recomputation of ITC or RITC. The court noted that ITC is an allowance and not part of the determination of turnover or tax liability. Therefore, the jurisdiction to reassess did not arise under Section 29 of the Act for RITC, making the reassessment proceedings against the petitioner without jurisdiction.
Validity of reassessment order - disallowance of ITC claim - The court examined the provisions of Section 29 of the Act, which pertains to the assessment of tax on turnover escaped from assessment. It was determined that the scope of reassessment under Section 29 did not include the recomputation of ITC or RITC. The court noted that ITC is an allowance and not part of the determination of turnover or tax liability. Therefore, the jurisdiction to reassess did not arise under Section 29 of the Act for RITC, making the reassessment proceedings against the petitioner without jurisdiction.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
