Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
HC held that a registered dealer cannot claim Input Tax Credit (ITC) for goods remaining in closing stock that were not re-sold before GST regime introduction. The court determined that since the goods were unsold at the transition point (1.7.2017), the dealer cannot treat the input tax as credit. The judgment affirmed that GST Act's implementation effectively terminated ITC entitlements under the previous VAT Act for unsold inventory. By referencing precedent in S/S Janki Industries, the court conclusively ruled against the dealer's claim, allowing revision and denying ITC carry-forward for unsold stock.
HC held that a registered dealer cannot claim Input Tax Credit (ITC) for goods remaining in closing stock that were not re-sold before GST regime introduction. The court determined that since the goods were unsold at the transition point (1.7.2017), the dealer cannot treat the input tax as credit. The judgment affirmed that GST Act's implementation effectively terminated ITC entitlements under the previous VAT Act for unsold inventory. By referencing precedent in S/S Janki Industries, the court conclusively ruled against the dealer's claim, allowing revision and denying ITC carry-forward for unsold stock.
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