Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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.
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