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Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
Eligibility for Input Tax Credit was reconsidered in light of retrospective insertion of provisions into the GST enactments, the legal basis being the Finance (No.2) Act, 2024 rendering the issue subject to fresh merits scrutiny; consequence: assessment quashed and matter remitted for re-examination of entitlement to ITC notwithstanding belated availment. The prospect of waiver of interest and penalty under the relevant statutory provision was noted as a collateral relief subject to reconsideration. Writ jurisdiction was exercised to set aside the impugned assessment and direct expeditious fresh decision on merits by the assessing authority.
Eligibility for Input Tax Credit was reconsidered in light of retrospective insertion of provisions into the GST enactments, the legal basis being the Finance (No.2) Act, 2024 rendering the issue subject to fresh merits scrutiny; consequence: assessment quashed and matter remitted for re-examination of entitlement to ITC notwithstanding belated availment. The prospect of waiver of interest and penalty under the relevant statutory provision was noted as a collateral relief subject to reconsideration. Writ jurisdiction was exercised to set aside the impugned assessment and direct expeditious fresh decision on merits by the assessing authority.
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