Working-capital adjustment determines whether software-services transfer-pricing margins fall within the statutory tolerance range, eliminating any ad...
Permanent establishment deductions upheld for expatriate salaries, direct costs and trading losses, while head-office costs require fresh classificati...
Data transmission equipment classification under CTSH 8517 62 remains distinct from residual classification, with exemption evidence requiring scrutin...
The HC held that transitional Cenvat Credit carried forward qualifies as "input tax credit" under the CGST Act. Interest u/s 50(3) is payable for wrongly availing and utilizing such credit. However, imposing penalty u/s 122(2)(b) read with 74(1) requires evidence of fraud or willful misstatement, which was absent as the petitioner acted under a bona fide belief. While upholding interest liability, the HC quashed the penalty recognizing lack of fraudulent intent by the petitioner, a government company. The petition was allowed in part.
The HC held that transitional Cenvat Credit carried forward qualifies as "input tax credit" under the CGST Act. Interest u/s 50(3) is payable for wrongly availing and utilizing such credit. However, imposing penalty u/s 122(2)(b) read with 74(1) requires evidence of fraud or willful misstatement, which was absent as the petitioner acted under a bona fide belief. While upholding interest liability, the HC quashed the penalty recognizing lack of fraudulent intent by the petitioner, a government company. The petition was allowed in part.
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