Condonation of refiling delay refused where repeated defects, lack of diligence and vague explanations defeated the appeal against resolution plan app...
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The AAR ruled that a listed entity is not eligible to avail Input Tax Credit (ITC) on expenditure incurred for buyback of its shares. The authority determined that buyback of shares is neither a supply of goods nor services, as "securities" are explicitly excluded from both definitions under CGST Act. Since section 16(1) permits ITC only on supply of goods or services used in course of business, the primary condition for ITC availment is not satisfied. The applicant's argument that such expenditure furthers business activity becomes irrelevant once the threshold requirement fails. The AAR concluded that the applicant must reverse ITC on common inputs and input services related to share buyback expenditure.
The AAR ruled that a listed entity is not eligible to avail Input Tax Credit (ITC) on expenditure incurred for buyback of its shares. The authority determined that buyback of shares is neither a supply of goods nor services, as "securities" are explicitly excluded from both definitions under CGST Act. Since section 16(1) permits ITC only on supply of goods or services used in course of business, the primary condition for ITC availment is not satisfied. The applicant's argument that such expenditure furthers business activity becomes irrelevant once the threshold requirement fails. The AAR concluded that the applicant must reverse ITC on common inputs and input services related to share buyback expenditure.
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