Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
The HC allowed the writ petition and intra-Court appeal, setting aside the appellate authority's order dated 4th October 2024. The matter was remanded to the Assistant Commissioner, CGST and Central Excise, Dinajpur Division, for fresh adjudication. The court emphasized the necessity to afford the assessee an opportunity to reconcile the alleged wrongful availing of ITC, highlighting that if the ITC has already been reversed, the issue becomes revenue neutral, negating the requirement for any pre-deposit. The absence of interest levy by the adjudicating authority further indicated reversal of ITC. The HC underscored that these factual disputes must be resolved by the original authority, ensuring adherence to principles of natural justice.
The HC allowed the writ petition and intra-Court appeal, setting aside the appellate authority's order dated 4th October 2024. The matter was remanded to the Assistant Commissioner, CGST and Central Excise, Dinajpur Division, for fresh adjudication. The court emphasized the necessity to afford the assessee an opportunity to reconcile the alleged wrongful availing of ITC, highlighting that if the ITC has already been reversed, the issue becomes revenue neutral, negating the requirement for any pre-deposit. The absence of interest levy by the adjudicating authority further indicated reversal of ITC. The HC underscored that these factual disputes must be resolved by the original authority, ensuring adherence to principles of natural justice.
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