Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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The HC held that the respondent erred in rejecting the refund claim of unutilized input tax credit on compensation cess related to zero-rated supplies, misinterpreting relevant circulars. The petitioner, engaged in manufacturing and exporting goods exempt from compensation cess, was entitled to claim refund on coal purchased for production, similar to the precedent in Patson Papers. The court directed the respondent to process and sanction the refund of the cess amount claimed. Consequently, the impugned orders rejecting the refund were quashed and set aside, and the writ petitions were allowed.
The HC held that the respondent erred in rejecting the refund claim of unutilized input tax credit on compensation cess related to zero-rated supplies, misinterpreting relevant circulars. The petitioner, engaged in manufacturing and exporting goods exempt from compensation cess, was entitled to claim refund on coal purchased for production, similar to the precedent in Patson Papers. The court directed the respondent to process and sanction the refund of the cess amount claimed. Consequently, the impugned orders rejecting the refund were quashed and set aside, and the writ petitions were allowed.
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