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Assignment of GIDC industrial-plot leasehold rights is treated as a transfer of benefits arising from immovable property rather than a GST-taxable supply. Input tax credit restrictions for construction of immovable property apply only where goods or services are received for construction; they do not apply where the recipient undertook no construction. Consequently, credit claimed on acquiring such leasehold rights was not blocked. Fraud, wilful misstatement, or suppression could not be invoked for recovery on the contrary premise, particularly where GST collected on the onward assignment had been deposited. The recovery show-cause notices were quashed and the writ petitions succeeded.
Assignment of GIDC industrial-plot leasehold rights is treated as a transfer of benefits arising from immovable property rather than a GST-taxable supply. Input tax credit restrictions for construction of immovable property apply only where goods or services are received for construction; they do not apply where the recipient undertook no construction. Consequently, credit claimed on acquiring such leasehold rights was not blocked. Fraud, wilful misstatement, or suppression could not be invoked for recovery on the contrary premise, particularly where GST collected on the onward assignment had been deposited. The recovery show-cause notices were quashed and the writ petitions succeeded.
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