Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
Section 16(2)(c) of the CGST/KGST Act and Rule 36(4) of the CGST/KGST Rules were read down, not struck down, so that input tax credit is not denied to a bona fide recipient who has satisfied the other statutory conditions merely because the supplier failed to remit tax to the Government. The High Court accepted that a purchaser cannot be required to ensure the supplier's tax payment, as that would impose an impossible burden and penalise the recipient for another's default. The provisions were therefore confined to non-bona fide, collusive or fraudulent transactions, and ITC remains available to genuine recipients affected only by supplier default.
Section 16(2)(c) of the CGST/KGST Act and Rule 36(4) of the CGST/KGST Rules were read down, not struck down, so that input tax credit is not denied to a bona fide recipient who has satisfied the other statutory conditions merely because the supplier failed to remit tax to the Government. The High Court accepted that a purchaser cannot be required to ensure the supplier's tax payment, as that would impose an impossible burden and penalise the recipient for another's default. The provisions were therefore confined to non-bona fide, collusive or fraudulent transactions, and ITC remains available to genuine recipients affected only by supplier default.
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