Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
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...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
