Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
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The High Court held that the petitioners were entitled to refund of unutilized input tax credit (ITC) on zero-rated supplies. The only ground for denying refund by the appellate authority was that no balance was available in the electronic credit ledger when the petitioners became entitled to the refund, as the carried forward CENVAT credit from the earlier regime was approved later. This would be contrary to Section 140(1) of the CGST Act. Consequently, the orders denying refund were quashed, and the appeal was allowed.
The High Court held that the petitioners were entitled to refund of unutilized input tax credit (ITC) on zero-rated supplies. The only ground for denying refund by the appellate authority was that no balance was available in the electronic credit ledger when the petitioners became entitled to the refund, as the carried forward CENVAT credit from the earlier regime was approved later. This would be contrary to Section 140(1) of the CGST Act. Consequently, the orders denying refund were quashed, and the appeal was allowed.
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