Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
The High Court held that the petitioner is entitled to refund of unutilized Input Tax Credit (ITC) on export of goods u/s 16(3) of the Integrated Goods and Services Tax Act, 2017. The petitioner furnished Bank Realization Certificates (BRCs) evidencing realization of sale proceeds, and the application for refund could not be rejected solely on the ground of non-production of BRCs within nine months. Regarding furnishing bank statements and ledger accounts of suppliers, the matter was remanded to the adjudicating authority to decide afresh whether the petitioner made payment to suppliers for inward supplies against which refund of accumulated ITC is claimed.
The High Court held that the petitioner is entitled to refund of unutilized Input Tax Credit (ITC) on export of goods u/s 16(3) of the Integrated Goods and Services Tax Act, 2017. The petitioner furnished Bank Realization Certificates (BRCs) evidencing realization of sale proceeds, and the application for refund could not be rejected solely on the ground of non-production of BRCs within nine months. Regarding furnishing bank statements and ledger accounts of suppliers, the matter was remanded to the adjudicating authority to decide afresh whether the petitioner made payment to suppliers for inward supplies against which refund of accumulated ITC is claimed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
