Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
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 4814 
Join Channel 
