Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
The HC held that unutilised input tax credit of GST Compensation Cess paid on coal, used in manufacture of goods exported on payment of IGST as zero-rated supplies, is refundable. It reiterated that when zero-rated supplies are made with payment of IGST, and no Compensation Cess is leviable on the finished goods, the assessee cannot utilise the input tax credit of such Cess. Consequently, the bar under the proviso to Section 11(2) of the relevant enactment is inapplicable. The HC quashed and set aside the impugned rejection orders and directed the revenue authorities to process the refund applications of the petitioner-assessee and sanction the claimed refund of unutilised Compensation Cess credit. Petition allowed.
The HC held that unutilised input tax credit of GST Compensation Cess paid on coal, used in manufacture of goods exported on payment of IGST as zero-rated supplies, is refundable. It reiterated that when zero-rated supplies are made with payment of IGST, and no Compensation Cess is leviable on the finished goods, the assessee cannot utilise the input tax credit of such Cess. Consequently, the bar under the proviso to Section 11(2) of the relevant enactment is inapplicable. The HC quashed and set aside the impugned rejection orders and directed the revenue authorities to process the refund applications of the petitioner-assessee and sanction the claimed refund of unutilised Compensation Cess credit. Petition allowed.
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