Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
The HC held that Input Tax Credit (ITC) claims must typically be made in the Return or Revised Return, with exceptions requiring demonstrated bona fides. Rectification of underclaimed ITC due to bona fide mistakes in tax rates is permissible through representation when foundational facts are available in the Return/Revised Return. No rectification is permitted after assessment/reassessment proceedings conclude or limitation period expires. During reassessment, ITC claims cannot be disallowed merely because they disadvantage the State Exchequer. If reassessed tax exceeds payable amount, recovery with interest/penalty is warranted; conversely, if payment exceeds reassessed liability, ITC claims made before conclusion of reassessment proceedings must be honored. Petition dismissed.
The HC held that Input Tax Credit (ITC) claims must typically be made in the Return or Revised Return, with exceptions requiring demonstrated bona fides. Rectification of underclaimed ITC due to bona fide mistakes in tax rates is permissible through representation when foundational facts are available in the Return/Revised Return. No rectification is permitted after assessment/reassessment proceedings conclude or limitation period expires. During reassessment, ITC claims cannot be disallowed merely because they disadvantage the State Exchequer. If reassessed tax exceeds payable amount, recovery with interest/penalty is warranted; conversely, if payment exceeds reassessed liability, ITC claims made before conclusion of reassessment proceedings must be honored. Petition dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
