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...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
HC quashed order relating to Input Tax Credit (ITC) claims that were time-barred under Section 16(4) of CGST Act but fell within limitation under Section 16(5). Following precedent from Sri Ganapathi Pandi Industries case, Court determined that while ITC claims exceeded initial limitation period under Section 16(4), they remained valid within extended timeframe provided by Section 16(5). Consequently, original tax assessment order, penalties, and interest charges were set aside to extent they denied ITC claims falling within Section 16(5) period. Writ petition allowed, affirming taxpayer's right to claim ITC within extended statutory timeframe despite exceeding initial limitation period.
HC quashed order relating to Input Tax Credit (ITC) claims that were time-barred under Section 16(4) of CGST Act but fell within limitation under Section 16(5). Following precedent from Sri Ganapathi Pandi Industries case, Court determined that while ITC claims exceeded initial limitation period under Section 16(4), they remained valid within extended timeframe provided by Section 16(5). Consequently, original tax assessment order, penalties, and interest charges were set aside to extent they denied ITC claims falling within Section 16(5) period. Writ petition allowed, affirming taxpayer's right to claim ITC within extended statutory timeframe despite exceeding initial limitation period.
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