Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
The case pertains to the validity of input tax credit (ITC) availed on construction goods for a building leased to an educational institution. The Supreme Court held that each case involving malls or buildings must undergo a fact-finding inquiry to determine if it satisfies the functionality test of being a 'plant' u/s 17(5)(d). If the building qualifies as a plant, ITC can be allowed on goods and services used in setting up the immovable property. The petitioner was required to satisfy the adjudicating authority whether the building qualified as a plant to avail ITC but failed to submit necessary documents and instead approached the court. The final order was passed, which the petitioner did not challenge. The court dismissed the petition, allowing the petitioner to file an appeal and rely on the Supreme Court's decision in the Safari Retreats case.
The case pertains to the validity of input tax credit (ITC) availed on construction goods for a building leased to an educational institution. The Supreme Court held that each case involving malls or buildings must undergo a fact-finding inquiry to determine if it satisfies the functionality test of being a 'plant' u/s 17(5)(d). If the building qualifies as a plant, ITC can be allowed on goods and services used in setting up the immovable property. The petitioner was required to satisfy the adjudicating authority whether the building qualified as a plant to avail ITC but failed to submit necessary documents and instead approached the court. The final order was passed, which the petitioner did not challenge. The court dismissed the petition, allowing the petitioner to file an appeal and rely on the Supreme Court's decision in the Safari Retreats case.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
