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...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
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Inward supply of motor vehicles used for demonstration purposes in the course of business of supplying motor vehicles cannot be availed as input tax credit on capital goods. Motor vehicles supplied for demo purpose are treated as a different category compared to those supplied for sales, and are capitalized by the dealership as per customary business practices. The audited books of accounts reflect the true and fair position of the business. According to Section 17(5)(a)(A), input tax credit on motor vehicles is available only when they are further supplied. Since the appellant is not holding the goods for further supply, the exception u/s 17(5)(a)(A) does not apply, and input tax credit on motor vehicles used for demo purposes cannot be allowed under the GST Act. By capitalizing the motor cars, they are treated as assets for use in the business and cannot be considered as held for further supply.
Inward supply of motor vehicles used for demonstration purposes in the course of business of supplying motor vehicles cannot be availed as input tax credit on capital goods. Motor vehicles supplied for demo purpose are treated as a different category compared to those supplied for sales, and are capitalized by the dealership as per customary business practices. The audited books of accounts reflect the true and fair position of the business. According to Section 17(5)(a)(A), input tax credit on motor vehicles is available only when they are further supplied. Since the appellant is not holding the goods for further supply, the exception u/s 17(5)(a)(A) does not apply, and input tax credit on motor vehicles used for demo purposes cannot be allowed under the GST Act. By capitalizing the motor cars, they are treated as assets for use in the business and cannot be considered as held for further supply.
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