Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
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A subsidy received under the Jammu & Kashmir New Industrial Policy by way of GST/excise duty refund was treated as a capital receipt not chargeable to tax. The Tribunal noted that a claim raised only through a revised computation, and not in the return or a revised return, was not entertainable by the Assessing Officer. On merits, it examined the Industrial Policy dated 14.06.2002 and Notification No. 56/2002, applied the reasoning in Gravita Metal Inc., and found the refund incentive to be an exemption for a specified period rather than a revenue receipt. The appeal was allowed.
A subsidy received under the Jammu & Kashmir New Industrial Policy by way of GST/excise duty refund was treated as a capital receipt not chargeable to tax. The Tribunal noted that a claim raised only through a revised computation, and not in the return or a revised return, was not entertainable by the Assessing Officer. On merits, it examined the Industrial Policy dated 14.06.2002 and Notification No. 56/2002, applied the reasoning in Gravita Metal Inc., and found the refund incentive to be an exemption for a specified period rather than a revenue receipt. The appeal was allowed.
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