Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
The case pertains to recovery of arrears of tax for Assessment Years 2017-2018 and 2018-2019 due to non-filing of returns. The petitioner had previously suffered Assessment Orders u/s 62 of the Tamil Nadu Goods and Services Tax Act, 2017, erroneously mentioned as Section 63. The Finance Act, 2024 introduced amendments incorporating Sections 16(5) and 16(6) in the Central Goods and Services Tax (CGST) Act, with similar amendments expected in the Tamil Nadu Goods and Services Tax Act, 2017. As per the Supreme Court's decision in FORMICA INDIA DIVISION VERSUS COLLECTOR OF CENTRAL EXCISE, once tax is demanded, the benefit of Input Tax Credit must be granted. Consequently, the Impugned Recovery Notices were set aside, and the case was remitted for a fresh order, with the petition allowed by way of remand.
The case pertains to recovery of arrears of tax for Assessment Years 2017-2018 and 2018-2019 due to non-filing of returns. The petitioner had previously suffered Assessment Orders u/s 62 of the Tamil Nadu Goods and Services Tax Act, 2017, erroneously mentioned as Section 63. The Finance Act, 2024 introduced amendments incorporating Sections 16(5) and 16(6) in the Central Goods and Services Tax (CGST) Act, with similar amendments expected in the Tamil Nadu Goods and Services Tax Act, 2017. As per the Supreme Court's decision in FORMICA INDIA DIVISION VERSUS COLLECTOR OF CENTRAL EXCISE, once tax is demanded, the benefit of Input Tax Credit must be granted. Consequently, the Impugned Recovery Notices were set aside, and the case was remitted for a fresh order, with the petition allowed by way of remand.
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