Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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...
Page of 4792
Press 'Enter' after typing page number.
981 to 1000 of 95833 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
This is a summary of a court judgment regarding the interpretation of Rule 86A of the Central Goods and Services Tax (CGST) Rules, which deals with the blocking of input tax credit (ITC). The key points are: Input tax credit is a statutory right subject to conditions under the CGST Act. Rule 86A empowers tax authorities to block debit from a taxpayer's electronic credit ledger (ECL) if there is reason to believe the ITC was availed fraudulently or is ineligible. However, the blocking can only be done to the extent of ITC available in the ECL at that time, not exceeding it. The court held that Rule 86A is a drastic power for temporary protection of revenue interests, not for recovery of dues. The words "credit available in the ECL" plainly refer to the credit presently available, not previously availed and utilized ITC. If the tainted ITC is less than the ECL credit, the blocking must be limited to that amount. Authorities must follow procedures u/ss 73/74 of the CGST Act to determine wrongful availment and demand tax, interest or penalty. Rule 86A cannot require replenishing the ECL for past utilization of allegedly inadmissible ITC, as that would amount to recovery. The impugned orders exceeding the available ECL credit.
This is a summary of a court judgment regarding the interpretation of Rule 86A of the Central Goods and Services Tax (CGST) Rules, which deals with the blocking of input tax credit (ITC). The key points are: Input tax credit is a statutory right subject to conditions under the CGST Act. Rule 86A empowers tax authorities to block debit from a taxpayer's electronic credit ledger (ECL) if there is reason to believe the ITC was availed fraudulently or is ineligible. However, the blocking can only be done to the extent of ITC available in the ECL at that time, not exceeding it. The court held that Rule 86A is a drastic power for temporary protection of revenue interests, not for recovery of dues. The words "credit available in the ECL" plainly refer to the credit presently available, not previously availed and utilized ITC. If the tainted ITC is less than the ECL credit, the blocking must be limited to that amount. Authorities must follow procedures u/ss 73/74 of the CGST Act to determine wrongful availment and demand tax, interest or penalty. Rule 86A cannot require replenishing the ECL for past utilization of allegedly inadmissible ITC, as that would amount to recovery. The impugned orders exceeding the available ECL credit.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
