Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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The HC quashed the attachment of the petitioner's banking account, following precedent established in Sri Ganapathi Pandi Industries (2024). The Court determined that the petitioner's claim for input tax credit, while barred under Section 16(4) of the CGST Act, 2017, was still within the limitation period prescribed by Section 16(5) of the same Act. The Court disposed of the petition on the same grounds as the precedent case, ruling that tax authorities cannot deny ITC claims that fall within the extended limitation period under Section 16(5), despite being outside the standard limitation period under Section 16(4). Petition allowed.
The HC quashed the attachment of the petitioner's banking account, following precedent established in Sri Ganapathi Pandi Industries (2024). The Court determined that the petitioner's claim for input tax credit, while barred under Section 16(4) of the CGST Act, 2017, was still within the limitation period prescribed by Section 16(5) of the same Act. The Court disposed of the petition on the same grounds as the precedent case, ruling that tax authorities cannot deny ITC claims that fall within the extended limitation period under Section 16(5), despite being outside the standard limitation period under Section 16(4). Petition allowed.
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