Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
HC ruled in favor of the petitioner regarding input tax credit (ITC) dispute under GST law. The court established that electronic credit ledger functions as a pool of funds with separate compartments for IGST, CGST, and SGST. Although petitioner utilized CGST and SGST credits instead of IGST, this did not constitute wrongful availment under Section 16(2)(c) of GST Act. Court set aside proceedings initiated under Section 73 of CGST Act, directing reconsideration of original orders. The ruling affirms that mere utilization of different tax head credits does not amount to improper ITC claim when overall credit pool is legitimate. Matter remanded for fresh consideration by tax authorities.
HC ruled in favor of the petitioner regarding input tax credit (ITC) dispute under GST law. The court established that electronic credit ledger functions as a pool of funds with separate compartments for IGST, CGST, and SGST. Although petitioner utilized CGST and SGST credits instead of IGST, this did not constitute wrongful availment under Section 16(2)(c) of GST Act. Court set aside proceedings initiated under Section 73 of CGST Act, directing reconsideration of original orders. The ruling affirms that mere utilization of different tax head credits does not amount to improper ITC claim when overall credit pool is legitimate. Matter remanded for fresh consideration by tax authorities.
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