Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
HC ruled that blocking of Input Tax Credit (ITC) ledger beyond one year under Rule 86A of CGST Rules, 2017, must be lifted. The statutory interpretation of Rule 86A(3) mandates automatic removal of credit restrictions after the specified time period. The court's decision explicitly notes that lifting the ITC block is independent of any concurrent administrative or legal proceedings against the taxpayer. The restriction is therefore automatically terminated after the one-year period, providing relief to the petitioner while preserving the authority's right to pursue separate investigative actions.
HC ruled that blocking of Input Tax Credit (ITC) ledger beyond one year under Rule 86A of CGST Rules, 2017, must be lifted. The statutory interpretation of Rule 86A(3) mandates automatic removal of credit restrictions after the specified time period. The court's decision explicitly notes that lifting the ITC block is independent of any concurrent administrative or legal proceedings against the taxpayer. The restriction is therefore automatically terminated after the one-year period, providing relief to the petitioner while preserving the authority's right to pursue separate investigative actions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
