Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The Madras High Court addressed a case involving the levy of GST on ocean freight and the availability of Input Tax Credit (ITC) for inward supplies. The court found that the taxpayer failed to produce tax invoices for verification, rendering them ineligible for ITC. Additionally, three invoices for which ITC was claimed were not reflected in GSTR-2A, indicating non-payment of GST. The court dismissed the argument that credit was auto-populated in GSTR-2A. The court allowed the petition in part and dismissed it in part, citing relevant legal provisions such as u/s 122(2)(a) of the CGST Act and Section 16(2) of the CGST Act. The court also referenced a Supreme Court decision in a similar matter.
The Madras High Court addressed a case involving the levy of GST on ocean freight and the availability of Input Tax Credit (ITC) for inward supplies. The court found that the taxpayer failed to produce tax invoices for verification, rendering them ineligible for ITC. Additionally, three invoices for which ITC was claimed were not reflected in GSTR-2A, indicating non-payment of GST. The court dismissed the argument that credit was auto-populated in GSTR-2A. The court allowed the petition in part and dismissed it in part, citing relevant legal provisions such as u/s 122(2)(a) of the CGST Act and Section 16(2) of the CGST Act. The court also referenced a Supreme Court decision in a similar matter.
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