Compulsorily convertible debentures remain debt before conversion, preventing transfer-pricing and interest-deduction disallowances on the stated fact...
Stock-in-trade transfer taxability follows possession and consideration, not later conveyance registration, limiting deemed-value provisions to the ac...
Alternative statutory remedy under GST bars writ challenge where classification, notice variance, and hearing disputes require factual appellate revie...
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Section 16(2)(c) of the CGST Act constitutionally requires tax charged on a supply to be actually paid to the Government before input tax credit is available; invoice possession, receipt of supply and recipient payment do not substitute for this cumulative condition. The Supreme Court affirmed that a bona fide-purchaser exception cannot be read into the provision by relying on the distinct Delhi VAT framework. Section 41 and Rule 37A require reversal where supplier tax payment conditions are unmet, while permitting re-availment after subsequent compliance. Constitutional validity does not permit mechanical denial of credit: authorities must establish the relevant statutory facts, consider transaction-specific evidence, provide a hearing and issue reasoned findings.
Section 16(2)(c) of the CGST Act constitutionally requires tax charged on a supply to be actually paid to the Government before input tax credit is available; invoice possession, receipt of supply and recipient payment do not substitute for this cumulative condition. The Supreme Court affirmed that a bona fide-purchaser exception cannot be read into the provision by relying on the distinct Delhi VAT framework. Section 41 and Rule 37A require reversal where supplier tax payment conditions are unmet, while permitting re-availment after subsequent compliance. Constitutional validity does not permit mechanical denial of credit: authorities must establish the relevant statutory facts, consider transaction-specific evidence, provide a hearing and issue reasoned findings.
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