Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Concessional GST for freight and time charter services was subject to non-availment of input tax credit, but the Court held that wrongly availed credit did not justify denial of the concessional entry by applying the higher tax rate. Treating the notification as both a rate and exemption notification, the Court applied Chandrapur Magnet Wires and Unichem Laboratories and held that the proper course was reversal or payment of the inadmissible credit, with interest and penalty. The impugned order was quashed and the matter remitted for fresh determination of the actual credit wrongly availed and utilised, together with consequential interest and 100% penalty.
Concessional GST for freight and time charter services was subject to non-availment of input tax credit, but the Court held that wrongly availed credit did not justify denial of the concessional entry by applying the higher tax rate. Treating the notification as both a rate and exemption notification, the Court applied Chandrapur Magnet Wires and Unichem Laboratories and held that the proper course was reversal or payment of the inadmissible credit, with interest and penalty. The impugned order was quashed and the matter remitted for fresh determination of the actual credit wrongly availed and utilised, together with consequential interest and 100% penalty.
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