Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
HC held that the petitioner's challenge to proceedings under Section 74 of the UPGST Act succeeds and the impugned orders are quashed. The court found that on the date of the transaction the supplier possessed valid registration and the supply was effected through a genuine billing channel characterized as a "Bill To Ship To" transaction with an e-way bill and vehicle identification; subsequent cancellation of the supplier's registration cannot retrospectively render the transaction bogus. In absence of any contradictory or adverse material on record to rebut the petitioner's factual pleas, no legal basis existed to sustain reversal of the input tax credit or other punitive measures. Petition allowed.
HC held that the petitioner's challenge to proceedings under Section 74 of the UPGST Act succeeds and the impugned orders are quashed. The court found that on the date of the transaction the supplier possessed valid registration and the supply was effected through a genuine billing channel characterized as a "Bill To Ship To" transaction with an e-way bill and vehicle identification; subsequent cancellation of the supplier's registration cannot retrospectively render the transaction bogus. In absence of any contradictory or adverse material on record to rebut the petitioner's factual pleas, no legal basis existed to sustain reversal of the input tax credit or other punitive measures. Petition allowed.
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