Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
This trade circular clarifies issues regarding implementation of provisions related to input tax credit in sub-sections (5) and (6) of Section 16 of the CGST Act, 2017, inserted retrospectively from July 1, 2017. It provides guidance on various scenarios where demands were raised for wrong availment of input tax credit due to contravention of sub-section (4), but such credit is now available under sub-sections (5) and (6). Specific instructions are given for cases where no notice/order was issued, where notice was issued but no order, where appellate proceedings are pending, and where orders were passed but no appeal filed. A special procedure u/s 148 is notified for rectification of orders in eligible cases within six months. However, no refund of tax paid or credit reversed earlier is allowed u/s 150 of the Finance Act, 2024. The circular aims to ensure uniform implementation across field formations.
This trade circular clarifies issues regarding implementation of provisions related to input tax credit in sub-sections (5) and (6) of Section 16 of the CGST Act, 2017, inserted retrospectively from July 1, 2017. It provides guidance on various scenarios where demands were raised for wrong availment of input tax credit due to contravention of sub-section (4), but such credit is now available under sub-sections (5) and (6). Specific instructions are given for cases where no notice/order was issued, where notice was issued but no order, where appellate proceedings are pending, and where orders were passed but no appeal filed. A special procedure u/s 148 is notified for rectification of orders in eligible cases within six months. However, no refund of tax paid or credit reversed earlier is allowed u/s 150 of the Finance Act, 2024. The circular aims to ensure uniform implementation across field formations.
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