Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
