Interest on Wrongful Input Tax Credit is mandatory where excess transitional credit was retained and later reversed, and related objections were rejec...
Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Corporate guarantees issued by a company to secure loans for its subsidiaries were held not to constitute a taxable supply of service where no fee, commission, security or other consideration was received or payable. The Court treated the guarantees as in-house financial support, not a regular business of providing guarantees, and quashed the summons and show cause notice founded on GST demand. By contrast, the constitutional challenge to Rule 28(2) of the GST valuation rules failed because fiscal legislation and delegated tax measures are entitled to wide legislative deference, and no clear constitutional transgression was shown. The petition was therefore partly allowed.
Corporate guarantees issued by a company to secure loans for its subsidiaries were held not to constitute a taxable supply of service where no fee, commission, security or other consideration was received or payable. The Court treated the guarantees as in-house financial support, not a regular business of providing guarantees, and quashed the summons and show cause notice founded on GST demand. By contrast, the constitutional challenge to Rule 28(2) of the GST valuation rules failed because fiscal legislation and delegated tax measures are entitled to wide legislative deference, and no clear constitutional transgression was shown. The petition was therefore partly allowed.
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