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...
This trade circular clarifies the availability of input tax credit (ITC) on demo vehicles used by authorized dealers for motor vehicles. The key points are: ITC is available on demo vehicles used for promoting further supply of similar vehicles, as it falls under the exclusion in Section 17(5)(a)(A) of the WBGST Act. However, ITC is not available if demo vehicles are used for staff transportation or the dealer merely acts as an agent for the manufacturer. If demo vehicles are capitalized by dealers, ITC is available subject to Section 16(3) regarding depreciation claims under Income Tax Act. Upon subsequent sale of capitalized demo vehicles, dealers must pay tax u/s 18(6) and Rule 44(6) of WBGST Rules. The circular provides clarity on ITC eligibility for demo vehicles based on their usage and accounting treatment by authorized dealers.
This trade circular clarifies the availability of input tax credit (ITC) on demo vehicles used by authorized dealers for motor vehicles. The key points are: ITC is available on demo vehicles used for promoting further supply of similar vehicles, as it falls under the exclusion in Section 17(5)(a)(A) of the WBGST Act. However, ITC is not available if demo vehicles are used for staff transportation or the dealer merely acts as an agent for the manufacturer. If demo vehicles are capitalized by dealers, ITC is available subject to Section 16(3) regarding depreciation claims under Income Tax Act. Upon subsequent sale of capitalized demo vehicles, dealers must pay tax u/s 18(6) and Rule 44(6) of WBGST Rules. The circular provides clarity on ITC eligibility for demo vehicles based on their usage and accounting treatment by authorized dealers.
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