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...
Refund of accumulated unutilised ITC was denied on the premise that refund under Section 54(3)(ii) of the CGST Act is unavailable where the input and output are the same and the rate comparison should be confined to the principal input vis-Ã -vis principal output. Relying on binding precedent, it was held that Section 54(3)(ii) does not bar refund merely because input and output are identical, and the proviso does not require comparing only the tax rate on the principal input with that on the principal output supply; nor can refund be restricted only to cases where the main input rate exceeds the principal output rate. Consequently, the impugned orders were set aside and the refund claim was allowed. - HC
Refund of accumulated unutilised ITC was denied on the premise that refund under Section 54(3)(ii) of the CGST Act is unavailable where the input and output are the same and the rate comparison should be confined to the principal input vis-Ã -vis principal output. Relying on binding precedent, it was held that Section 54(3)(ii) does not bar refund merely because input and output are identical, and the proviso does not require comparing only the tax rate on the principal input with that on the principal output supply; nor can refund be restricted only to cases where the main input rate exceeds the principal output rate. Consequently, the impugned orders were set aside and the refund claim was allowed. - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
