Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
