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Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
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The circular addresses the entitlement of Input Tax Credit (ITC) by insurance companies on repair expenses for motor vehicles in reimbursement mode of claim settlement. It clarifies that ITC is available to insurance companies for repair expenses reimbursed to insured, even if the garage issues invoices in the insured's name. ITC is permissible as the insurance company is the recipient of the repair services, covering the repair liability. The extent of ITC depends on the approved claim cost reimbursed. If excess amount invoices are issued, ITC is available on the approved claim cost reimbursed. However, if full invoice amount is paid to the garage but only approved cost is reimbursed to insured, ITC is limited to the approved claim cost. If the repair invoice is not in the insurance company's name, ITC is not available.
The circular addresses the entitlement of Input Tax Credit (ITC) by insurance companies on repair expenses for motor vehicles in reimbursement mode of claim settlement. It clarifies that ITC is available to insurance companies for repair expenses reimbursed to insured, even if the garage issues invoices in the insured's name. ITC is permissible as the insurance company is the recipient of the repair services, covering the repair liability. The extent of ITC depends on the approved claim cost reimbursed. If excess amount invoices are issued, ITC is available on the approved claim cost reimbursed. However, if full invoice amount is paid to the garage but only approved cost is reimbursed to insured, ITC is limited to the approved claim cost. If the repair invoice is not in the insurance company's name, ITC is not available.
Note: It is a system-generated summary and is for quick reference only.
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