Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Issue: Whether blocking electronic input tax credit under Rule 86A was predicated on an independent, reasoned satisfaction or on a mechanical/borrowed conclusion. Reasoning: The court held that Rule 86A requires an independent application of mind and a speaking order; reliance on the Board's Circular dated 02.11.2021 does not permit a mere mechanical exercise or borrowed satisfaction. Outcome: The tax authority was directed to pass a fresh reasoned speaking order complying with Rule 86A, and the writ was disposed. - HC
Issue: Whether blocking electronic input tax credit under Rule 86A was predicated on an independent, reasoned satisfaction or on a mechanical/borrowed conclusion. Reasoning: The court held that Rule 86A requires an independent application of mind and a speaking order; reliance on the Board's Circular dated 02.11.2021 does not permit a mere mechanical exercise or borrowed satisfaction. Outcome: The tax authority was directed to pass a fresh reasoned speaking order complying with Rule 86A, and the writ was disposed. - HC
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