CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Input tax credit could not be denied on the entire tax component merely because depreciation was claimed on the unavailed portion. The HC held that section 16(3) bars credit only to the extent depreciation is claimed on the same tax component actually taken as credit, and not on the 50% portion that lapses under the banking-company scheme in section 17(4). Reading sections 16(3), 17(2) and 17(4) together, the Court found no double benefit where depreciation was claimed only on the lapsed credit. The show cause notices were quashed, and the adjudication order was interfered with only to that limited extent.
Input tax credit could not be denied on the entire tax component merely because depreciation was claimed on the unavailed portion. The HC held that section 16(3) bars credit only to the extent depreciation is claimed on the same tax component actually taken as credit, and not on the 50% portion that lapses under the banking-company scheme in section 17(4). Reading sections 16(3), 17(2) and 17(4) together, the Court found no double benefit where depreciation was claimed only on the lapsed credit. The show cause notices were quashed, and the adjudication order was interfered with only to that limited extent.
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