Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
Clarificatory amendment to the refund formula for input tax credit applied retrospectively by the HC, reasoning that the modification was clarificatory in nature and therefore operative retrospectively; consequence: earlier rejection and appellate orders must be set aside and refund claims reconsidered applying the modified formula. Issue of refund entitlement for importer-refiner of edible oil under an inverted duty structure was governed by the amended calculation; consequence: petitioners refund applications to be reexamined afresh by the primary authority using the modified formula. References were made to GST Council and Law Committee recommendations as contextual basis for the amendment.
Clarificatory amendment to the refund formula for input tax credit applied retrospectively by the HC, reasoning that the modification was clarificatory in nature and therefore operative retrospectively; consequence: earlier rejection and appellate orders must be set aside and refund claims reconsidered applying the modified formula. Issue of refund entitlement for importer-refiner of edible oil under an inverted duty structure was governed by the amended calculation; consequence: petitioners refund applications to be reexamined afresh by the primary authority using the modified formula. References were made to GST Council and Law Committee recommendations as contextual basis for the amendment.
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