Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
HC held that the taxpayer's refund application for unutilized Input Tax Credit (ITC) filed on 07.11.2022 for periods prior to 18.07.2022 is maintainable, as it was within the statutory limitation period under Section 54(1). Following the precedent in Patanjali Foods case, the court quashed the department's rejection order, which improperly relied on Circular No.181/13/2022-GST. The refund claim was deemed valid, rejecting the administrative circular's attempt to create arbitrary classification of refund applications, thereby ensuring taxpayer's legal right to claim refund within prescribed timelines.
HC held that the taxpayer's refund application for unutilized Input Tax Credit (ITC) filed on 07.11.2022 for periods prior to 18.07.2022 is maintainable, as it was within the statutory limitation period under Section 54(1). Following the precedent in Patanjali Foods case, the court quashed the department's rejection order, which improperly relied on Circular No.181/13/2022-GST. The refund claim was deemed valid, rejecting the administrative circular's attempt to create arbitrary classification of refund applications, thereby ensuring taxpayer's legal right to claim refund within prescribed timelines.
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