Fair market value under section 50C must reflect existing property condition, not hypothetical development, and statutory valuation steps must be foll...
HC allows contractor's petition, mandating reimbursement of GST impact for infrastructure projects executed before GST implementation. The court held that contractors awarded contracts prior to 01.07.2017 are entitled to GST reimbursement on indirect transactions. The respondent must release withheld amount of Rs. 19,86,44,336/- with statutory interest within six weeks and pay Rs. 50,000/- costs. The decision affirms contractual entitlements and protects contractors from undue financial burden arising from mid-contract GST regime changes.
HC allows contractor's petition, mandating reimbursement of GST impact for infrastructure projects executed before GST implementation. The court held that contractors awarded contracts prior to 01.07.2017 are entitled to GST reimbursement on indirect transactions. The respondent must release withheld amount of Rs. 19,86,44,336/- with statutory interest within six weeks and pay Rs. 50,000/- costs. The decision affirms contractual entitlements and protects contractors from undue financial burden arising from mid-contract GST regime changes.
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