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...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
Acquiescence, homebuyer protection and clean-slate resolution principles prevent landowners from disrupting an integrated project through late termina...
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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.
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