Fair market value under section 50C must reflect existing property condition, not hypothetical development, and statutory valuation steps must be foll...
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HC allowed petition regarding Input Tax Credit (ITC) claims under GST regime. Following precedent in Sri Ganapathi Pandi Industries case, court held that retrospective amendment to Section 16 of CGST Act by insertion of sub-section (5) enables taxpayers to claim ITC for FYs 2017-18 to 2020-21 if GSTR-3B returns were filed by November 30, 2021. Department's order dated February 26, 2021 denying ITC based on Section 16(4) limitation was quashed. Court restrained authorities from initiating proceedings against petitioner on limitation grounds, recognizing extended timeline under Section 16(5). Decision affirms legislative intent to provide relief through retrospective amendment effective from July 1, 2017.
HC allowed petition regarding Input Tax Credit (ITC) claims under GST regime. Following precedent in Sri Ganapathi Pandi Industries case, court held that retrospective amendment to Section 16 of CGST Act by insertion of sub-section (5) enables taxpayers to claim ITC for FYs 2017-18 to 2020-21 if GSTR-3B returns were filed by November 30, 2021. Department's order dated February 26, 2021 denying ITC based on Section 16(4) limitation was quashed. Court restrained authorities from initiating proceedings against petitioner on limitation grounds, recognizing extended timeline under Section 16(5). Decision affirms legislative intent to provide relief through retrospective amendment effective from July 1, 2017.
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