Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
HC held that the electronic credit ledger constitutes a unified resource with interconnected tax compartments (IGST, CGST, SGST). The court found that erroneously claiming Input Tax Credit under different heads does not automatically invalidate the claim. The impugned orders were set aside, directing the tax authority to reconsider the ITC claim afresh within three months. The decision emphasizes a holistic approach to interpreting tax credit utilization, treating the electronic credit ledger as an integrated fund pool rather than strictly segregated compartments. Petition allowed with remand.
HC held that the electronic credit ledger constitutes a unified resource with interconnected tax compartments (IGST, CGST, SGST). The court found that erroneously claiming Input Tax Credit under different heads does not automatically invalidate the claim. The impugned orders were set aside, directing the tax authority to reconsider the ITC claim afresh within three months. The decision emphasizes a holistic approach to interpreting tax credit utilization, treating the electronic credit ledger as an integrated fund pool rather than strictly segregated compartments. Petition allowed with remand.
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