Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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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