SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
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
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4879 
