Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
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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.
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