Companies exceeding Rs. 200 crore turnover and free returnable test assets are excluded from taxation. Issue Whether an upper turnover filter of Rs. 200 crores is justified in transfer pricing benchmarking using TNMM when the assessee’s turnover is Rs. 21.34 crores. Whether adopting a Cash Profit Level Indicator (Cash PLI, excluding depreciation) is appropriate when… Read More »
Retrospective Section 16(5) Amendment Validates Belated Input Tax Credit Filed Before November 30, 2021 Issue Whether the petitioner is entitled to Input Tax Credit (ITC) for the period July 2017 to March 2018 under the retrospectively inserted Section 16(5) of the CGST/KGST Act when monthly returns were filed belatedly between April 2019 and August 2019.… Read More »
Intimation under Section 143(1) without adjustments is not an order and cannot be revised under Section 263 Issue Whether an intimation issued under Section 143(1) without any statutory adjustments constitutes an “order” subject to revision by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income-tax Act, 1961. Whether a notice issued… Read More »
Pre-Succession Partner Withdrawals and Asset Sales Do Not Violate Section 47(xiii), Preserving Section 80-IA Deduction Eligibility Issue Whether capital withdrawals by partners and sale of shares prior to a firm’s succession into a company violate proviso (a) and (c) to Section 47(xiii), rendering the succession a taxable transfer and disentitling the successor-company from claiming deduction… Read More »
Absence of Possession and Compliance Under Transfer of Property Act Prevails, Negating Capital Gains Tax Liability Absence of Possession and Compliance Under Transfer of Property Act Prevails, Negating Capital Gains Tax Liability Issue Whether the execution of a Joint Development Agreement (JDA) constitutes a “transfer” of a capital asset under Section 2(47) of the Income-tax… Read More »
Transitional Credit Refund Claim Must Be Decided On Merits Before Demanding Interest On Reversal Transitional Credit Refund Claim Must Be Decided On Merits Before Demanding Interest On Reversal Issue Whether a refund claim for transitional Input Tax Credit (ITC) can be left unconsidered on merits due to portal window closures or jurisdictional issues while simultaneously… Read More »
Rejection of IGST Refund Under Omitted Rule 96(10) Lacking Saving Clause Is Unsustainable in Law Rejection of IGST Refund Under Omitted Rule 96(10) Lacking Saving Clause Is Unsustainable in Law Issue Whether a refund of IGST paid on export of services can be rejected by invoking Rule 96(10) when the said rule has been omitted… Read More »
Absence of Form DRC-04 Acknowledgment Invalidates Voluntary DRC-03 Pre-Notice Payment Entitling Refund With Interest Issue Whether pre-notice payments made via Form GST DRC-03 during inspection/investigation can be considered voluntary when no acknowledgment in Form GST DRC-04 was issued, interest and penalty components were recorded as nil, and mandatory statutory ascertainments were missing. Facts Background &… Read More »
High Court Directs Immediate Unblocking of Input Tax Credit Blocked Without Prior Notice or Hearing High Court Directs Immediate Unblocking of Input Tax Credit Blocked Without Prior Notice or Hearing Issue Whether the blocking of Input Tax Credit (ITC) under Rule 86A on the GST portal without issuing prior notice or providing a pre-decisional hearing… Read More »
High Court Condones 84-Day GST Appeal Delay on Genuine Medical Grounds and Restores Matter High Court Condones 84-Day GST Appeal Delay on Genuine Medical Grounds and Restores Matter Issue Whether the High Court under Article 226 can condone an 84-day delay beyond the statutory condonable period under Section 107 of the CGST/KGST Act and restore… Read More »