Transfer-pricing aggregation of distinct support-service and subcontract transactions was rejected, while debt-free receivables attracted no notional ...
Customs exemptions cover photovoltaic assembly machinery and PVF backsheets, while fully declared cleared imports may avoid confiscation and penalties...
Specific tariff classification for LCD devices overrides treatment as electricity-meter parts, defeating differential duty, extended limitation, and p...
Stayed disciplinary punishment does not establish unfitness for insolvency professional registration; reconsideration must disregard mere pendency of ...
Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
Scientific research association approval requires continuing SIRO status, annual donation reporting, and donor certificates for the approved foundatio...
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The SC dismissed the Special Leave Petition challenging the applicability of the refund formula under Rule 89(5) of the CGST/SGST Rules, 2017 and related notifications. The Court upheld the validity of the formula for refund of unutilized input tax credit, rejecting claims of ambiguity or unworkability. It affirmed the High Court's view that although the formula may produce certain practical inequities, it aligns with legislative intent to grant limited refunds on accumulated ITC. The Court declined to interfere, holding that the GST Council's formula and related circulars are valid and their retrospective or prospective application does not warrant judicial intervention. Consequently, the petition was dismissed, confirming the existing legal framework for refund of unutilized ITC under the prescribed rules.
The SC dismissed the Special Leave Petition challenging the applicability of the refund formula under Rule 89(5) of the CGST/SGST Rules, 2017 and related notifications. The Court upheld the validity of the formula for refund of unutilized input tax credit, rejecting claims of ambiguity or unworkability. It affirmed the High Court's view that although the formula may produce certain practical inequities, it aligns with legislative intent to grant limited refunds on accumulated ITC. The Court declined to interfere, holding that the GST Council's formula and related circulars are valid and their retrospective or prospective application does not warrant judicial intervention. Consequently, the petition was dismissed, confirming the existing legal framework for refund of unutilized ITC under the prescribed rules.
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