Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
The article explains that the departmental endorsement added to statutory Form ITC-02, requiring transferor and transferee to be in the same State/UT, lacks statutory basis and is unlawful; therefore it cannot be used to deny unutilised input tax credit. It states that Section 18(3) read with Rule 41 permits transfer of unutilised CGST on an NCLT approved amalgamation even where entities are in different States, and that portal restrictions are de hors the statutory scheme. Practically, until the portal is amended, the department must accept manually filed ITC-02 forms and process them within six weeks of receipt.
The article explains that the departmental endorsement added to statutory Form ITC-02, requiring transferor and transferee to be in the same State/UT, lacks statutory basis and is unlawful; therefore it cannot be used to deny unutilised input tax credit. It states that Section 18(3) read with Rule 41 permits transfer of unutilised CGST on an NCLT approved amalgamation even where entities are in different States, and that portal restrictions are de hors the statutory scheme. Practically, until the portal is amended, the department must accept manually filed ITC-02 forms and process them within six weeks of receipt.
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