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...
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...
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The Respondent opted for GST at 5% without ITC as per Notification No. 03/2019-Central Tax (Rate) and reversed all available ITC pertaining to the financial years 2017-2018 and 2018-2019 from April 2019 onwards. The Respondent also reversed ITC availed due to delay in payments to suppliers beyond 180 days and excess ITC availed wrongly, resulting in negative credit during the post-GST period. The Respondent did not retain any ITC related to the 'Ireo Waterfront' project and reversed all ineligible ITC. Post-GST, no additional ITC benefit accrued to the Respondent for the 'Ireo Waterfront' project. Consequently, the provisions of Section 171(1) of the CGST Act, 2017 are not attracted, and the proceedings were dropped.
The Respondent opted for GST at 5% without ITC as per Notification No. 03/2019-Central Tax (Rate) and reversed all available ITC pertaining to the financial years 2017-2018 and 2018-2019 from April 2019 onwards. The Respondent also reversed ITC availed due to delay in payments to suppliers beyond 180 days and excess ITC availed wrongly, resulting in negative credit during the post-GST period. The Respondent did not retain any ITC related to the 'Ireo Waterfront' project and reversed all ineligible ITC. Post-GST, no additional ITC benefit accrued to the Respondent for the 'Ireo Waterfront' project. Consequently, the provisions of Section 171(1) of the CGST Act, 2017 are not attracted, and the proceedings were dropped.
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