Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
The High Court held that the co-insurance premium and reinsurance commission would not be considered as supply and thus, the petitioners are entitled to a refund. The amounts deposited by the petitioner were not towards discharge of tax liability, but merely deposits pursuant to the court's order pending final adjudication. Since the utilization of these amounts for tax payment was deferred, they do not fall under the exclusions from refund under Schedule III of the CGST Act. Consequently, the impugned orders were set aside and the petitions allowed.
The High Court held that the co-insurance premium and reinsurance commission would not be considered as supply and thus, the petitioners are entitled to a refund. The amounts deposited by the petitioner were not towards discharge of tax liability, but merely deposits pursuant to the court's order pending final adjudication. Since the utilization of these amounts for tax payment was deferred, they do not fall under the exclusions from refund under Schedule III of the CGST Act. Consequently, the impugned orders were set aside and the petitions allowed.
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