Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
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...
AAAR affirmed that the appellant is not entitled to avoid reversal of input tax credit (ITC) on common inputs and input services relating to mutual fund subscription and redemption, holding that the deeming provision in section 17(3) incorporates "transactions in securities" into the value of exempt supplies for ITC reversal. The authority rejected the contention that "securities" exclusion from goods/services removes them from exempt/non-taxable supply treatment and construed the Rule reference to "sale value" consistently with "transactions in securities," encompassing redemptions. The AAAR also found no substantiation that subscription/redemption activities were in the course or furtherance of the appellant's business. The appeal is dismissed.
AAAR affirmed that the appellant is not entitled to avoid reversal of input tax credit (ITC) on common inputs and input services relating to mutual fund subscription and redemption, holding that the deeming provision in section 17(3) incorporates "transactions in securities" into the value of exempt supplies for ITC reversal. The authority rejected the contention that "securities" exclusion from goods/services removes them from exempt/non-taxable supply treatment and construed the Rule reference to "sale value" consistently with "transactions in securities," encompassing redemptions. The AAAR also found no substantiation that subscription/redemption activities were in the course or furtherance of the appellant's business. The appeal is dismissed.
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