Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
