Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
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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