Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
AAR holds that the applicant is entitled to claim input tax credit on capital goods and related services comprising underground cables, electrical equipment, supervision and installation services procured for transmission of electricity from a distribution utility's power station to the factory premises located outside the factory. The AAR accepted that the applicant satisfied the statutory prerequisites under s.16 (tax invoice, receipt of goods/services, tax paid, return filing) and found no contractual indicia that ownership vested in the distribution utility. The assets were capitalised and treated as enabling capital assets; the applicant undertook to reverse ITC under s.18(6) if ownership transfers. Consequently, ITC claim is allowed.
AAR holds that the applicant is entitled to claim input tax credit on capital goods and related services comprising underground cables, electrical equipment, supervision and installation services procured for transmission of electricity from a distribution utility's power station to the factory premises located outside the factory. The AAR accepted that the applicant satisfied the statutory prerequisites under s.16 (tax invoice, receipt of goods/services, tax paid, return filing) and found no contractual indicia that ownership vested in the distribution utility. The assets were capitalised and treated as enabling capital assets; the applicant undertook to reverse ITC under s.18(6) if ownership transfers. Consequently, ITC claim is allowed.
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