Agricultural-land reinvestment qualifies when transfer consideration precedes replacement purchase, while unexamined claims may be reassessed on escap...
Bona fide public fixed-deposit explanations prevent concealment penalties where unexplained-credit additions lack independent evidence of undisclosed ...
Factory-consumption condition restricts solar module parts exemption and excludes imported aluminium profiles fabricated outside the production factor...
Section 16(2)(c) makes actual payment of tax by the supplier a foundational condition for input tax credit and is constitutionally valid. Credit cannot, however, be denied mechanically merely because a supplier's registration was cancelled or its returns show nil or short tax liability. Adjudication must assess the genuineness of supply, recipient evidence, circumstances of supplier default, available recovery action against the supplier, and the applicable statutory framework. Proceedings under Section 74 must state the foundational facts establishing fraud, wilful misstatement or suppression by the recipient; supplier fraud cannot be attributed without a direct factual link. Pending and concluded matters require fresh adjudication or reconsideration with hearing and without coercive recovery until determination.
Section 16(2)(c) makes actual payment of tax by the supplier a foundational condition for input tax credit and is constitutionally valid. Credit cannot, however, be denied mechanically merely because a supplier's registration was cancelled or its returns show nil or short tax liability. Adjudication must assess the genuineness of supply, recipient evidence, circumstances of supplier default, available recovery action against the supplier, and the applicable statutory framework. Proceedings under Section 74 must state the foundational facts establishing fraud, wilful misstatement or suppression by the recipient; supplier fraud cannot be attributed without a direct factual link. Pending and concluded matters require fresh adjudication or reconsideration with hearing and without coercive recovery until determination.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4913 
