Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
The court held that Rule 86A empowers the Commissioner or authorized officer to restrict debit of fraudulently availed or ineligible Input Tax Credit (ITC) from the electronic credit ledger for discharge of liabilities or refund claims, subject to recording reasons in writing. Sub-rule (3) mandates that such restriction shall cease after one year from imposition. As the restriction was imposed on 23rd November 2022 and one year lapsed around 23rd November 2023, the restriction has ceased by operation of law. The petition was disposed of accordingly.
The court held that Rule 86A empowers the Commissioner or authorized officer to restrict debit of fraudulently availed or ineligible Input Tax Credit (ITC) from the electronic credit ledger for discharge of liabilities or refund claims, subject to recording reasons in writing. Sub-rule (3) mandates that such restriction shall cease after one year from imposition. As the restriction was imposed on 23rd November 2022 and one year lapsed around 23rd November 2023, the restriction has ceased by operation of law. The petition was disposed of accordingly.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
