Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
HC determined that utilizing Input Tax Credit (ITC) available in IGST under CGST and SGST heads does not constitute improper availment warranting penalties. The electronic credit ledger functions as a wallet with separate compartments for IGST, CGST, and SGST. Despite petitioner's pending appeal, HC exercised jurisdiction under Article 226 to set aside the assessment order, finding that the method of ITC utilization was legitimate. The Court directed proper officer to reconsider the assessment, emphasizing that cross-utilization between different tax heads within the electronic credit ledger is permissible and does not attract penalties. Petition allowed with assessment order set aside for reconsideration.
HC determined that utilizing Input Tax Credit (ITC) available in IGST under CGST and SGST heads does not constitute improper availment warranting penalties. The electronic credit ledger functions as a wallet with separate compartments for IGST, CGST, and SGST. Despite petitioner's pending appeal, HC exercised jurisdiction under Article 226 to set aside the assessment order, finding that the method of ITC utilization was legitimate. The Court directed proper officer to reconsider the assessment, emphasizing that cross-utilization between different tax heads within the electronic credit ledger is permissible and does not attract penalties. Petition allowed with assessment order set aside for reconsideration.
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