Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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Section 16(4) of the CGST Act imposes a time limit for claiming input tax credit (ITC), restricting it to the due date of filing the return for September following the relevant financial year or the annual return, whichever is earlier. This provision violates Article 14 of the Constitution by arbitrarily depriving taxpayers of their right to claim ITC despite having paid taxes to suppliers. The GST laws lack provisions for revising returns, compelling taxpayers to exercise caution in filing March returns to reconcile entries. Allowing returns with late fees but disallowing ITC amounts to double punishment. Late fees and interest already compensate the treasury and deter delays. Imposing double tax through Section 16(4) is arbitrary and capricious. As the Central Government proposes to amend Section 16 by introducing Section 118, removing the time limit condition, the Court allows the petitions without examining Section 16(4)'s constitutional validity.
Section 16(4) of the CGST Act imposes a time limit for claiming input tax credit (ITC), restricting it to the due date of filing the return for September following the relevant financial year or the annual return, whichever is earlier. This provision violates Article 14 of the Constitution by arbitrarily depriving taxpayers of their right to claim ITC despite having paid taxes to suppliers. The GST laws lack provisions for revising returns, compelling taxpayers to exercise caution in filing March returns to reconcile entries. Allowing returns with late fees but disallowing ITC amounts to double punishment. Late fees and interest already compensate the treasury and deter delays. Imposing double tax through Section 16(4) is arbitrary and capricious. As the Central Government proposes to amend Section 16 by introducing Section 118, removing the time limit condition, the Court allows the petitions without examining Section 16(4)'s constitutional validity.
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