Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Sub-section (5) and sub-section (6) inserted in section 16 of CGST Act retrospectively extend the time limit to avail input tax credit in certain specified cases pertaining to financial years 2017-18 to 2020-21. No refund of tax paid or input tax credit reversed is available where now eligible under sub-section (5) or (6). A special procedure notified allows rectification of orders u/ss 73, 74, 107 or 108 confirming demand for wrong availment of input tax credit due to contravention of sub-section (4), now permissible under sub-section (5) or (6). Application for rectification to be filed electronically within 6 months, uploading prescribed details. Proper officer to decide within 3 months, following principles of natural justice if adversely affecting the person. Appeal lies against rectified order. The special procedure applies only where demand confirmed involves issue of wrong input tax credit availment due to sub-section (4) contravention, now rectifiable under sub-section (5) or (6).
Sub-section (5) and sub-section (6) inserted in section 16 of CGST Act retrospectively extend the time limit to avail input tax credit in certain specified cases pertaining to financial years 2017-18 to 2020-21. No refund of tax paid or input tax credit reversed is available where now eligible under sub-section (5) or (6). A special procedure notified allows rectification of orders u/ss 73, 74, 107 or 108 confirming demand for wrong availment of input tax credit due to contravention of sub-section (4), now permissible under sub-section (5) or (6). Application for rectification to be filed electronically within 6 months, uploading prescribed details. Proper officer to decide within 3 months, following principles of natural justice if adversely affecting the person. Appeal lies against rectified order. The special procedure applies only where demand confirmed involves issue of wrong input tax credit availment due to sub-section (4) contravention, now rectifiable under sub-section (5) or (6).
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