Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
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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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