Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
The High Court ruled that the petitioner's entitlement to avail Input Tax Credit under the CENVAT Credit Rules, 2004 cannot be denied, as long as the credit was validly earned. The court relied on the Supreme Court's decision in Collector of Central Excise, Pune v. Dai Ichi Karkaria Ltd., which held that validly earned credit is indefeasible and cannot be reversed, except in cases of illegal or irregular credit. Regarding the procedural irregularity u/s 140 of the CGST Act, 2017, the court condoned it, citing the Supreme Court's decision in Commissioner of Sales Tax, UP v. Auraiya Chamber of Commerce, Allahabad, which held that procedures are aids to justice, not obstacles. Consequently, the impugned order was quashed, and the petition was allowed.
The High Court ruled that the petitioner's entitlement to avail Input Tax Credit under the CENVAT Credit Rules, 2004 cannot be denied, as long as the credit was validly earned. The court relied on the Supreme Court's decision in Collector of Central Excise, Pune v. Dai Ichi Karkaria Ltd., which held that validly earned credit is indefeasible and cannot be reversed, except in cases of illegal or irregular credit. Regarding the procedural irregularity u/s 140 of the CGST Act, 2017, the court condoned it, citing the Supreme Court's decision in Commissioner of Sales Tax, UP v. Auraiya Chamber of Commerce, Allahabad, which held that procedures are aids to justice, not obstacles. Consequently, the impugned order was quashed, and the petition was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
