Minimum Public Offer Requirements set tiered issuer-based allotment minima with mandatory staged public shareholding increases and exchange enforcemen...
Disallowance under tax law for investment expenses cannot be applied mechanically; authority must record clear reasons before increasing assessee's su...
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The HC held that Notification No. 14/2022-Central Tax amending Rule 89(5) of the CGST Rules had to be applied even to refund applications filed before 5 July 2022, following the final view in Ascent Meditech Ltd. The appellate authority's failure to consider that notification and the related clarification rendered its rejection of the refund claims unsustainable. On a composite reading of Section 54(3) and the Rules, the petitioner was entitled to refund of accumulated input tax credit arising from the inverted duty structure, and the original and appellate rejection orders were quashed.
The HC held that Notification No. 14/2022-Central Tax amending Rule 89(5) of the CGST Rules had to be applied even to refund applications filed before 5 July 2022, following the final view in Ascent Meditech Ltd. The appellate authority's failure to consider that notification and the related clarification rendered its rejection of the refund claims unsustainable. On a composite reading of Section 54(3) and the Rules, the petitioner was entitled to refund of accumulated input tax credit arising from the inverted duty structure, and the original and appellate rejection orders were quashed.
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