Time Relevance of Expense: commission deductible when incurred; restructuring transfers, lease obligations upheld; unenforceable sale agreement bars l...
Abuse of dominant position allegations against an exchange found not prima facie; regulator reliance on sectoral expertise upheld and no investigation...
Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
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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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