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 upheld the constitutional validity of Section 16(2)(aa) of the CGST Act and corresponding State provision, holding that stricter conditions for availing ITC, linked to the supplier's GST compliance, are a legitimate measure to curb fraudulent claims and enhance transparency. However, the provision was read down to protect bona fide recipients: ITC cannot be denied solely due to the supplier's default or failure to correctly upload invoices in GSTR-2 without first granting the purchasing dealer an opportunity to establish bona fides through tax invoices and supporting documents. Subject to this interpretative safeguard, challenges to the provision and related CBIC circulars were rejected and the petition was disposed of.
HC upheld the constitutional validity of Section 16(2)(aa) of the CGST Act and corresponding State provision, holding that stricter conditions for availing ITC, linked to the supplier's GST compliance, are a legitimate measure to curb fraudulent claims and enhance transparency. However, the provision was read down to protect bona fide recipients: ITC cannot be denied solely due to the supplier's default or failure to correctly upload invoices in GSTR-2 without first granting the purchasing dealer an opportunity to establish bona fides through tax invoices and supporting documents. Subject to this interpretative safeguard, challenges to the provision and related CBIC circulars were rejected and the petition was disposed of.
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