Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
HC held that services supplied by petitioner to a foreign entity constitute "export of services" under Section 2(6) IGST Act, as consideration was received in convertible foreign exchange and supplier and recipient are separate legal entities, not mere establishments of distinct persons. Applying the principle of substance over form, the Court held that the nature of services and contractual terms do not make petitioner an "intermediary" and the place of supply is outside India under Section 13(2) IGST Act. Notification No. 04/2019-Integrated Tax was found inapplicable, being confined to pharmaceutical R&D, unlike petitioner's activities. The refund rejection order and show cause notices were quashed, and petitioner's claim for refund of unutilized ITC was allowed.
HC held that services supplied by petitioner to a foreign entity constitute "export of services" under Section 2(6) IGST Act, as consideration was received in convertible foreign exchange and supplier and recipient are separate legal entities, not mere establishments of distinct persons. Applying the principle of substance over form, the Court held that the nature of services and contractual terms do not make petitioner an "intermediary" and the place of supply is outside India under Section 13(2) IGST Act. Notification No. 04/2019-Integrated Tax was found inapplicable, being confined to pharmaceutical R&D, unlike petitioner's activities. The refund rejection order and show cause notices were quashed, and petitioner's claim for refund of unutilized ITC was allowed.
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TaxTMI 
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