Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
Page of 4796
Press 'Enter' after typing page number.
361 to 380 of 95918 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
HC held that transitional credit under CGST Act is not available for capital goods in transit as of the appointed date. While Section 140 of CGST Act allows carrying forward unutilized CENVAT credit for both inputs and capital goods, sub-section (5) specifically distinguishes between them. The CENVAT Credit Rules 2017, which superseded the 2004 Rules, provides no facility for claiming credit of excise duty on capital goods in transit. Following RSPL Limited precedent, the court affirmed that treating inputs and capital goods differently is constitutionally valid under Article 14, as they form distinct classes. The distinction in transitional provisions between inputs and capital goods was found lawful and justified. Application dismissed.
HC held that transitional credit under CGST Act is not available for capital goods in transit as of the appointed date. While Section 140 of CGST Act allows carrying forward unutilized CENVAT credit for both inputs and capital goods, sub-section (5) specifically distinguishes between them. The CENVAT Credit Rules 2017, which superseded the 2004 Rules, provides no facility for claiming credit of excise duty on capital goods in transit. Following RSPL Limited precedent, the court affirmed that treating inputs and capital goods differently is constitutionally valid under Article 14, as they form distinct classes. The distinction in transitional provisions between inputs and capital goods was found lawful and justified. Application dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
