Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
The summary highlights the reversal of Input Tax Credit (ITC) due to the non-electronic filing of Form GST ITC-02 by the transferor company. The key points are: Section 18(3) of the CGST Act allows transfer of unutilized ITC in case of business transfer, subject to prescribed rules. The show cause notice alleged contravention of Section 18(3) and Rule 41(1) for availing ITC without electronic filing of Form GST ITC-02. However, the GST portal had functionality issues during the relevant period, preventing electronic filing. Courts in similar cases involving the petitioner held that technical glitches on the department's part cannot defeat statutory rights. The impugned show cause notice was set aside, and the department was directed to consider the manually filed forms expeditiously.
The summary highlights the reversal of Input Tax Credit (ITC) due to the non-electronic filing of Form GST ITC-02 by the transferor company. The key points are: Section 18(3) of the CGST Act allows transfer of unutilized ITC in case of business transfer, subject to prescribed rules. The show cause notice alleged contravention of Section 18(3) and Rule 41(1) for availing ITC without electronic filing of Form GST ITC-02. However, the GST portal had functionality issues during the relevant period, preventing electronic filing. Courts in similar cases involving the petitioner held that technical glitches on the department's part cannot defeat statutory rights. The impugned show cause notice was set aside, and the department was directed to consider the manually filed forms expeditiously.
Note: It is a system-generated summary and is for quick reference only.
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