Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
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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