Fair market value under section 50C must reflect existing property condition, not hypothetical development, and statutory valuation steps must be foll...
Whether services treated as local supply could be reclassified as export by denying refund on the ground that the claimant was an "intermediary" under GST law was the dominant issue. On examining the record and applying settled principles on intermediary services, it was held that the claimant was not an intermediary and the services qualified as export, entitling it to refund of accumulated/unutilized ITC. Consequently, the refund rejection orders were quashed and the authorities were directed to sanction the refund with applicable interest within three months; the matter was remanded for consequential compliance. - HC
Whether services treated as local supply could be reclassified as export by denying refund on the ground that the claimant was an "intermediary" under GST law was the dominant issue. On examining the record and applying settled principles on intermediary services, it was held that the claimant was not an intermediary and the services qualified as export, entitling it to refund of accumulated/unutilized ITC. Consequently, the refund rejection orders were quashed and the authorities were directed to sanction the refund with applicable interest within three months; the matter was remanded for consequential compliance. - HC
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