Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
Customs Assessment Portal centralises classification and valuation guidance to support consistent, transparent and informed compliance across stakehol...
GST refunds for cancelled air tickets remain available when passenger reimbursements defeat unjust enrichment and credit-note adjustment is unavailabl...
Input tax credit on purchases from a supplier later reported non-existent must be assessed on the totality of evidence. Contemporaneous invoices, transport records, GST records and banking-channel payments require independent verification and cogent rebuttal; a supplier's later non-existence alone does not establish fictitious purchases or non-receipt of goods. Recovery of allegedly wrongful credit under Section 74 requires positive evidence of fraud, wilful misstatement or suppression with intent to evade tax. Non-appearance before authorities or delayed invoice payment followed by proportionate credit reversal with interest does not, by itself, establish those statutory ingredients or justify equal penalty.
Input tax credit on purchases from a supplier later reported non-existent must be assessed on the totality of evidence. Contemporaneous invoices, transport records, GST records and banking-channel payments require independent verification and cogent rebuttal; a supplier's later non-existence alone does not establish fictitious purchases or non-receipt of goods. Recovery of allegedly wrongful credit under Section 74 requires positive evidence of fraud, wilful misstatement or suppression with intent to evade tax. Non-appearance before authorities or delayed invoice payment followed by proportionate credit reversal with interest does not, by itself, establish those statutory ingredients or justify equal penalty.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
