Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
