Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
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The Appellate Authority for Advance Ruling (AAR) ruled that R.V. Hydraulic Services is not eligible to claim Input Tax Credit (ITC) on the Integrated Goods and Services Tax (IGST) paid for the imported machinery (Davi Full Hydraulic Plate Roll). The Bill of Entry was in the name of M/s Promau SRL, C/o IMTEX, and not in the name of the applicant. As per Section 16(2)(a) read with Rule 36(1)(d) of the CGST Act, 2017 and Section 20 of the IGST Act, a valid Bill of Entry in the recipient's name is a prerequisite to claim ITC on imported goods. Since the essential documentary requirement was not fulfilled, the applicant's claim for ITC was denied.
The Appellate Authority for Advance Ruling (AAR) ruled that R.V. Hydraulic Services is not eligible to claim Input Tax Credit (ITC) on the Integrated Goods and Services Tax (IGST) paid for the imported machinery (Davi Full Hydraulic Plate Roll). The Bill of Entry was in the name of M/s Promau SRL, C/o IMTEX, and not in the name of the applicant. As per Section 16(2)(a) read with Rule 36(1)(d) of the CGST Act, 2017 and Section 20 of the IGST Act, a valid Bill of Entry in the recipient's name is a prerequisite to claim ITC on imported goods. Since the essential documentary requirement was not fulfilled, the applicant's claim for ITC was denied.
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