Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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HC held that petitioner's claim for input tax credit (ITC) was valid under amended Section 16 provisions. Following precedent established in Sri Ganapathi Pandi Industries case, the court affirmed taxpayer's entitlement to avail ITC for the disputed financial periods. The reversal of ITC along with associated penalties and interest was set aside. The court's ruling reinforces the principle that ITC claims meeting statutory requirements under amended provisions cannot be denied retrospectively. Original assessment orders requiring reversal were quashed, with directions to restore the claimed ITC amounts to the petitioner's electronic credit ledger.
HC held that petitioner's claim for input tax credit (ITC) was valid under amended Section 16 provisions. Following precedent established in Sri Ganapathi Pandi Industries case, the court affirmed taxpayer's entitlement to avail ITC for the disputed financial periods. The reversal of ITC along with associated penalties and interest was set aside. The court's ruling reinforces the principle that ITC claims meeting statutory requirements under amended provisions cannot be denied retrospectively. Original assessment orders requiring reversal were quashed, with directions to restore the claimed ITC amounts to the petitioner's electronic credit ledger.
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