Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
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.
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