Transfer pricing comparables and adjustments: Tribunal revisits loss-maker status, segmental comparability, working capital relief, and risk allocatio...
Business expenditure disallowance failed where commission, related-party salary and promotion payments were supported by records and inquiry was inade...
Section 17(5)(d) restricts apportionment and blocking of credit solely in relation to goods or services used for construction of immovable property; it therefore does not apply to mere transfer of leasehold rights where no construction activity is shown, and such application is a non-application of mind. Section 74(1) may be invoked only where input tax credit was wrongly availed or utilised by reason of fraud, wilful misstatement or suppression; absent material establishing those elements and where inadvertent ITC use was reversed and tax discharged, a s.74(1) notice is without jurisdiction and relief ensues.
Section 17(5)(d) restricts apportionment and blocking of credit solely in relation to goods or services used for construction of immovable property; it therefore does not apply to mere transfer of leasehold rights where no construction activity is shown, and such application is a non-application of mind. Section 74(1) may be invoked only where input tax credit was wrongly availed or utilised by reason of fraud, wilful misstatement or suppression; absent material establishing those elements and where inadvertent ITC use was reversed and tax discharged, a s.74(1) notice is without jurisdiction and relief ensues.
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