Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
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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