Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
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...
Wrongful availment or misapplication of input tax credit by adjustment between tax heads does not, by itself, attract recovery proceedings if no tax remains unpaid or there is no revenue loss; the tribunal reasoned that proceedings for recovery require tax to be unpaid, short paid, erroneously refunded, or input tax to be wrongfully availed or utilized causing revenue loss, and that mere head-to-head adjustment without loss will not support initiation of recovery notices. The impugned recovery notice was quashed applying these principles.
Wrongful availment or misapplication of input tax credit by adjustment between tax heads does not, by itself, attract recovery proceedings if no tax remains unpaid or there is no revenue loss; the tribunal reasoned that proceedings for recovery require tax to be unpaid, short paid, erroneously refunded, or input tax to be wrongfully availed or utilized causing revenue loss, and that mere head-to-head adjustment without loss will not support initiation of recovery notices. The impugned recovery notice was quashed applying these principles.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
