Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
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HC allowed the writ petition filed by the assessee, holding that the disallowance of Input Tax Credit (ITC) under s.17(5) CGST Act on insurance premium was without jurisdiction and based on an erroneous factual premise. The revenue had treated the insurance policy as motor vehicle insurance, whereas the record clearly showed it was for stock, premises, STFI cover, earthquake risk, and manufacturing equipment, which are not covered by the ITC restriction under s.17(5). As all other proposed additions had been dropped and only this ITC disallowance remained, the HC held that the impugned assessment order and notice were vitiated by incorrect assumptions of fact. The impugned order and notice were quashed and set aside.
HC allowed the writ petition filed by the assessee, holding that the disallowance of Input Tax Credit (ITC) under s.17(5) CGST Act on insurance premium was without jurisdiction and based on an erroneous factual premise. The revenue had treated the insurance policy as motor vehicle insurance, whereas the record clearly showed it was for stock, premises, STFI cover, earthquake risk, and manufacturing equipment, which are not covered by the ITC restriction under s.17(5). As all other proposed additions had been dropped and only this ITC disallowance remained, the HC held that the impugned assessment order and notice were vitiated by incorrect assumptions of fact. The impugned order and notice were quashed and set aside.
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