Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
The CBIC clarified that under Ex-Works contracts, registered persons can claim input tax credit upon delivery of goods at the supplier's factory gate, without requiring physical receipt at their business premises. Section 16(2)(b) of CGST Act mandates "receipt" of goods for ITC eligibility, but does not specify location. The Explanation deems goods "received" when delivered to transporters on the registered person's direction. In automobile sector EXW contracts, where property transfers at OEM factory gates upon handover to transporters, dealers can claim ITC immediately rather than awaiting physical delivery. This principle applies to all EXW contracts where goods are delivered at supplier's premises and property transfers upon handover, subject to other Section 16 and 17 conditions.
The CBIC clarified that under Ex-Works contracts, registered persons can claim input tax credit upon delivery of goods at the supplier's factory gate, without requiring physical receipt at their business premises. Section 16(2)(b) of CGST Act mandates "receipt" of goods for ITC eligibility, but does not specify location. The Explanation deems goods "received" when delivered to transporters on the registered person's direction. In automobile sector EXW contracts, where property transfers at OEM factory gates upon handover to transporters, dealers can claim ITC immediately rather than awaiting physical delivery. This principle applies to all EXW contracts where goods are delivered at supplier's premises and property transfers upon handover, subject to other Section 16 and 17 conditions.
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