Capital Asset Conversion Requires Proven Business Stock Treatment; Paper Consideration in Spousal Flat Transfers Does Not Create Taxable Business Inco...
Human-probability test defeats political donation deduction where banking records mask accommodation-entry fund layering and evidence shows non-genuin...
Commercial property status protects capital-gains exemption when residential-house ownership limits are tested, while agricultural-land character gove...
Investigation deposits refunded after failed customs demands fall outside the statutory appellate pre-deposit interest regime and may attract compensa...
Resolution plan finality extinguishes unquantified operational-creditor claims and pending proceedings unless the approved plan expressly preserves th...
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The HC set aside the impugned order to the extent it denied the petitioner's claim of input tax credit (ITC) under Sections 16(2)(c) and 16(4) of the CGST/SGST Acts, on the ground that the petitioner could not trace the suppliers involved in the relevant transactions. Relying on precedent where a similar petitioner was granted an opportunity to submit requisite documents, the Court held that the petitioner is entitled to a similar chance to substantiate the ITC claim. The matter is remitted for reconsideration limited to allowing the petitioner to produce supporting evidence in accordance with applicable circulars. The application is disposed of accordingly.
The HC set aside the impugned order to the extent it denied the petitioner's claim of input tax credit (ITC) under Sections 16(2)(c) and 16(4) of the CGST/SGST Acts, on the ground that the petitioner could not trace the suppliers involved in the relevant transactions. Relying on precedent where a similar petitioner was granted an opportunity to submit requisite documents, the Court held that the petitioner is entitled to a similar chance to substantiate the ITC claim. The matter is remitted for reconsideration limited to allowing the petitioner to produce supporting evidence in accordance with applicable circulars. The application is disposed of accordingly.
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