Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
The High Court addressed a challenge to an assessment order regarding the reversal of Input Tax Credit for credit notes issued by the supplier. The court found that the requirements under sub-section (3) of Section 15 of the GST statutes were not satisfied, leading to the supplier being liable to pay tax on the full value of supply. The court highlighted the discretionary nature of jurisdiction under Article 226, noting that the existence of an alternative remedy does not bar its exercise. Despite the petitioner approaching the appellate authority for other issues, the court exercised jurisdiction due to the need for evidence reappraisal. The impugned order was set aside only concerning the reversal of Input Tax Credit, and the petition was disposed of accordingly.
The High Court addressed a challenge to an assessment order regarding the reversal of Input Tax Credit for credit notes issued by the supplier. The court found that the requirements under sub-section (3) of Section 15 of the GST statutes were not satisfied, leading to the supplier being liable to pay tax on the full value of supply. The court highlighted the discretionary nature of jurisdiction under Article 226, noting that the existence of an alternative remedy does not bar its exercise. Despite the petitioner approaching the appellate authority for other issues, the court exercised jurisdiction due to the need for evidence reappraisal. The impugned order was set aside only concerning the reversal of Input Tax Credit, and the petition was disposed of accordingly.
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