Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
The challenge concerned entitlement to input tax credit (ITC) affected by the limitation regime: the claim was found barred under the limitation provision of the CGST Act but fell within the period preserved by the proviso permitting claims within an alternate prescribed period, resulting in quashing of the impugned order insofar as it denied ITC on limitation grounds. Consequentially, departmental action premised solely on limitation was restrained, petitioners were granted liberty to seek refund which the department must decide on merits, and any bank accounts frozen under the impugned order were directed to be de-frozen.
The challenge concerned entitlement to input tax credit (ITC) affected by the limitation regime: the claim was found barred under the limitation provision of the CGST Act but fell within the period preserved by the proviso permitting claims within an alternate prescribed period, resulting in quashing of the impugned order insofar as it denied ITC on limitation grounds. Consequentially, departmental action premised solely on limitation was restrained, petitioners were granted liberty to seek refund which the department must decide on merits, and any bank accounts frozen under the impugned order were directed to be de-frozen.
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