Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
HC dismisses input tax credit (ITC) claim, holding that the petitioner cannot claim ITC when the supplier failed to deposit mandatory tax under Section 16(2)(c). Despite various precedents cited, the court emphasized the clear statutory requirement of actual tax payment by the supplier to the government. The provision mandates that ITC eligibility is contingent upon the supplier's tax compliance, and in this case, Shree Radhey International neither deposited the tax nor maintained valid registration. The court rejected the petitioner's arguments and upheld the taxing authorities' decision, thereby dismissing the petition without any further interference.
HC dismisses input tax credit (ITC) claim, holding that the petitioner cannot claim ITC when the supplier failed to deposit mandatory tax under Section 16(2)(c). Despite various precedents cited, the court emphasized the clear statutory requirement of actual tax payment by the supplier to the government. The provision mandates that ITC eligibility is contingent upon the supplier's tax compliance, and in this case, Shree Radhey International neither deposited the tax nor maintained valid registration. The court rejected the petitioner's arguments and upheld the taxing authorities' decision, thereby dismissing the petition without any further interference.
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