Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
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The AAR ruled that Input Tax Credit (ITC) is not eligible for construction of immovable property under section 17(5)(c) and (d). The SC's interpretation in Safari Retreats P Ltd clarified that ITC is blocked for works contract services involving construction of immovable property, with limited exceptions for plant and machinery. In this case, the pre-engineered building, gantry beam, and associated structures are considered immovable property. Consequently, ITC is denied for steel, cement, consumables, installation services, and capital goods like rails and electrification used in constructing the integrated factory building and crane infrastructure, as these are embedded in civil structures and do not qualify for proportionate credit.
The AAR ruled that Input Tax Credit (ITC) is not eligible for construction of immovable property under section 17(5)(c) and (d). The SC's interpretation in Safari Retreats P Ltd clarified that ITC is blocked for works contract services involving construction of immovable property, with limited exceptions for plant and machinery. In this case, the pre-engineered building, gantry beam, and associated structures are considered immovable property. Consequently, ITC is denied for steel, cement, consumables, installation services, and capital goods like rails and electrification used in constructing the integrated factory building and crane infrastructure, as these are embedded in civil structures and do not qualify for proportionate credit.
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