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...
The HC held that the petitioners' refund application for accumulated ITC was within the statutory limitation period, relying on the precedent that struck down the relevant circular provision. Although a refund sanction order was issued, a subsequent demand notice and Order-in-Original confirming a tax demand with penalty were challenged. The court found the impugned orders dated 31.3.2023 and 29.2.2024 illegal and unsustainable, quashing and setting aside both the refund rejection and the appeal order. The petition was allowed, thereby validating the refund claim and negating the subsequent tax demand and penalty.
The HC held that the petitioners' refund application for accumulated ITC was within the statutory limitation period, relying on the precedent that struck down the relevant circular provision. Although a refund sanction order was issued, a subsequent demand notice and Order-in-Original confirming a tax demand with penalty were challenged. The court found the impugned orders dated 31.3.2023 and 29.2.2024 illegal and unsustainable, quashing and setting aside both the refund rejection and the appeal order. The petition was allowed, thereby validating the refund claim and negating the subsequent tax demand and penalty.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
