Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
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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