Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Input tax credit was held admissible on input services used to construct foundation and structural supports for solvent recovery and wastewater treatment plants within a factory, because the services had a direct nexus with manufacturing activity and were used in the course or furtherance of business. The Authority held that steel and RCC works supporting the equipment formed part of "plant and machinery" under the statutory explanation, since the structures were fixed to earth to hold apparatus used for outward supply. As the exclusion for immovable property does not extend to such foundation and support forming part of plant and machinery, the restriction in section 17(5)(c) did not apply.
Input tax credit was held admissible on input services used to construct foundation and structural supports for solvent recovery and wastewater treatment plants within a factory, because the services had a direct nexus with manufacturing activity and were used in the course or furtherance of business. The Authority held that steel and RCC works supporting the equipment formed part of "plant and machinery" under the statutory explanation, since the structures were fixed to earth to hold apparatus used for outward supply. As the exclusion for immovable property does not extend to such foundation and support forming part of plant and machinery, the restriction in section 17(5)(c) did not apply.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
