Working capital adjustment, comparable selection and trade receivables interest were revisited in transfer pricing, with key additions deleted and rem...
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HC ruled that pursuant to clause (5) of Section 16 inserted by Finance (No.2) Act, 2024 and the circular dated 15.10.2024, the respondents' orders are set aside. The court directed respondents to permit petitioner's input tax credits for delayed returns filed during June 2018 to March 2019, effectively allowing retrospective tax credit claims despite initial administrative rejection. The judicial intervention ensures compliance with recent statutory amendments and provides relief to the taxpayer by mandating administrative reconsideration of previously denied input tax credit claims.
HC ruled that pursuant to clause (5) of Section 16 inserted by Finance (No.2) Act, 2024 and the circular dated 15.10.2024, the respondents' orders are set aside. The court directed respondents to permit petitioner's input tax credits for delayed returns filed during June 2018 to March 2019, effectively allowing retrospective tax credit claims despite initial administrative rejection. The judicial intervention ensures compliance with recent statutory amendments and provides relief to the taxpayer by mandating administrative reconsideration of previously denied input tax credit claims.
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