Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
HC held that the petitioners, being 100% EOUs making zero-rated supplies under LUT, are exporters and not "deemed exporters" under s.2(39) r/w s.147 of the GST Act. Since their suppliers treated supplies as regular B2B and did not follow deemed export procedure or claim deemed export benefits, para 2.2 of Circular No. 172/04/2022-GST and Rule 89(4A) are inapplicable. The petitioners correctly claimed refund of unutilised ITC under s.54(3) r/w Rule 89(1)/89(4). The authorities' reliance on the Circular with retrospective effect and exercise of suo motu review under s.107(2) to deny or revisit sanctioned refunds was held unsustainable. The HC allowed the petitions, restoring the refund claims of unutilised ITC.
HC held that the petitioners, being 100% EOUs making zero-rated supplies under LUT, are exporters and not "deemed exporters" under s.2(39) r/w s.147 of the GST Act. Since their suppliers treated supplies as regular B2B and did not follow deemed export procedure or claim deemed export benefits, para 2.2 of Circular No. 172/04/2022-GST and Rule 89(4A) are inapplicable. The petitioners correctly claimed refund of unutilised ITC under s.54(3) r/w Rule 89(1)/89(4). The authorities' reliance on the Circular with retrospective effect and exercise of suo motu review under s.107(2) to deny or revisit sanctioned refunds was held unsustainable. The HC allowed the petitions, restoring the refund claims of unutilised ITC.
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