Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
Rebate received from a bank for payment of excise duty through a corporate card was treated by the AAR as a post-transaction monetary adjustment, not consideration for an identifiable supply of goods or services. Because taxable supply under the GST law requires consideration and a quid pro quo, and the rebate merely reduced the applicant's monetary liability, it fell within a transaction in money and outside the scope of supply. The Authority also noted the arrangement operated as short-term financial accommodation, with the rebate functioning as a discount linked to that facility. The rebate was therefore not liable to GST.
Rebate received from a bank for payment of excise duty through a corporate card was treated by the AAR as a post-transaction monetary adjustment, not consideration for an identifiable supply of goods or services. Because taxable supply under the GST law requires consideration and a quid pro quo, and the rebate merely reduced the applicant's monetary liability, it fell within a transaction in money and outside the scope of supply. The Authority also noted the arrangement operated as short-term financial accommodation, with the rebate functioning as a discount linked to that facility. The rebate was therefore not liable to GST.
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