Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
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A writ petition challenging denial of transitional credit under Section 140 of the CGST Act was held maintainable because the requested relief was correction of revised TRAN-1 and TRAN-2 forms, a remedy beyond the effective power of the statutory appellate authorities. The Court accepted that the revised forms were filed under a bona fide mistake, noted that the original credit claim had been substantially verified as eligible, and found that refusing correction would create double taxation with no allegation of tax evasion. It therefore quashed the assessment order and consequential demand, permitted rectification of the forms, and remitted the matter for fresh adjudication after hearing and production of supporting documents.
A writ petition challenging denial of transitional credit under Section 140 of the CGST Act was held maintainable because the requested relief was correction of revised TRAN-1 and TRAN-2 forms, a remedy beyond the effective power of the statutory appellate authorities. The Court accepted that the revised forms were filed under a bona fide mistake, noted that the original credit claim had been substantially verified as eligible, and found that refusing correction would create double taxation with no allegation of tax evasion. It therefore quashed the assessment order and consequential demand, permitted rectification of the forms, and remitted the matter for fresh adjudication after hearing and production of supporting documents.
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