Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
HC allowed refund of Input Tax Credit for compensation cess on zero-rated supplies, overturning the Additional Commissioner's rejection. The court distinguished between Composition Levy under CGST Act and Compensation Cess under Compensation Cess Act, clarifying that circulars dated July 26, 2017, and November 18, 2019, explicitly permit refund of unutilized Compensation Cess credit for zero-rated supplies under LUT. The court emphasized that while Input Tax Credit of Compensation Cess can only be utilized for payment of cess on outward supplies, the refund claim is valid and supported by administrative circulars. The Additional Commissioner's interpretation restricting refund based on Section 2(62) and 2(63) of CGST Act was deemed unsustainable.
HC allowed refund of Input Tax Credit for compensation cess on zero-rated supplies, overturning the Additional Commissioner's rejection. The court distinguished between Composition Levy under CGST Act and Compensation Cess under Compensation Cess Act, clarifying that circulars dated July 26, 2017, and November 18, 2019, explicitly permit refund of unutilized Compensation Cess credit for zero-rated supplies under LUT. The court emphasized that while Input Tax Credit of Compensation Cess can only be utilized for payment of cess on outward supplies, the refund claim is valid and supported by administrative circulars. The Additional Commissioner's interpretation restricting refund based on Section 2(62) and 2(63) of CGST Act was deemed unsustainable.
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