Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
The High Court upheld the levy of tax and penalty on the petitioner for fraudulent claim of Input Tax Credit (ITC) u/s 16 of the GST Act. The petitioner claimed ITC based on non-existent firms, later revealed by investigation. The court held that mere registration of firms does not entitle ITC if no actual supplies were made. Fraud vitiates proceedings, allowing authorities to reclaim wrongly availed benefits. The court found no illegality in the orders and dismissed the petition.
The High Court upheld the levy of tax and penalty on the petitioner for fraudulent claim of Input Tax Credit (ITC) u/s 16 of the GST Act. The petitioner claimed ITC based on non-existent firms, later revealed by investigation. The court held that mere registration of firms does not entitle ITC if no actual supplies were made. Fraud vitiates proceedings, allowing authorities to reclaim wrongly availed benefits. The court found no illegality in the orders and dismissed the petition.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
