Capital-gains exemption for charitable trusts extends to qualifying fixed deposits, while unrecoverable TDS write-offs may constitute income applicati...
India-UK treaty characterisation of telecom-service receipts as business profits withstands unilateral domestic-law amendments for Indian tax purposes...
Transfer-pricing reimbursement adjustments require uncontrolled comparables and cannot become expense-genuineness reviews, resulting in deletion of th...
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Section 16(2)(c) CGST Act, requiring that the supplier must have paid tax to enable the purchaser's ITC, was examined where the purchaser had paid GST to the supplier under genuine invoices but the supplier allegedly failed to remit it. The provision was held constitutionally valid, but was read down to avoid disproportionate consequences and arbitrariness under Article 14 by distinguishing bona fide purchasers from collusive or fraudulent transactions. Since there was no allegation of fraud, wilful misstatement, or suppression by the purchaser and recovery mechanisms against the defaulting supplier existed, ITC could not be denied to the bona fide purchaser; the impugned denial order was set aside and the petition partly allowed. - HC
Section 16(2)(c) CGST Act, requiring that the supplier must have paid tax to enable the purchaser's ITC, was examined where the purchaser had paid GST to the supplier under genuine invoices but the supplier allegedly failed to remit it. The provision was held constitutionally valid, but was read down to avoid disproportionate consequences and arbitrariness under Article 14 by distinguishing bona fide purchasers from collusive or fraudulent transactions. Since there was no allegation of fraud, wilful misstatement, or suppression by the purchaser and recovery mechanisms against the defaulting supplier existed, ITC could not be denied to the bona fide purchaser; the impugned denial order was set aside and the petition partly allowed. - HC
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