Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
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...
Availability of input tax credit is restricted on inward supplies like spare purchases, repairs, and refurbishment costs, except for old or used motor vehicles as per Notification 8/2018-Central Tax (Rate). The applicant, a registered taxpayer dealing in second-hand luxury cars, can claim input tax credit on expenses related to vehicle evaluation, refurbishment, and replacement of parts. The applicant can avail credit on direct and indirect expenses for the business, subject to conditions u/ss 16 to 21 of the CGST Act and rules 36 to 45 of CGST Rules. The ruling clarifies that there is no restriction on claiming input tax credit for expenses incurred in the second-hand luxury car business.
Availability of input tax credit is restricted on inward supplies like spare purchases, repairs, and refurbishment costs, except for old or used motor vehicles as per Notification 8/2018-Central Tax (Rate). The applicant, a registered taxpayer dealing in second-hand luxury cars, can claim input tax credit on expenses related to vehicle evaluation, refurbishment, and replacement of parts. The applicant can avail credit on direct and indirect expenses for the business, subject to conditions u/ss 16 to 21 of the CGST Act and rules 36 to 45 of CGST Rules. The ruling clarifies that there is no restriction on claiming input tax credit for expenses incurred in the second-hand luxury car business.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
