ITC denial for GSTR-3B filed within extended time limit is unsustainable and quashed. Issue Whether Input Tax Credit (ITC) can be denied on the ground of belated filing of GSTR-3B returns when the returns were filed within the extended time limit prescribed for availing ITC. Facts Impugned Order & Defects: The petitioner assailed the order… Read More »
Contraceptives do not fall under Eleventh Schedule; Section 80-IB deduction allowed maintaining historical consistency. Issue Whether contraceptives manufactured by the assessee fall within the list of non-priority articles specified in Serial Nos. 27 and 28 of the Eleventh Schedule, thereby disentitling the assessee from claiming deduction under Section 80-IB. Whether the Assessing Officer was justified… Read More »
Reassessment proceedings initiated against a minor whose income is clubbed with father’s are untenable. Issue Whether initiation of reassessment proceedings under Section 148 read with Section 148A against a minor assessee, whose income is clubbed with that of the father under Section 64(1A), is legally maintainable. Facts Profile of the Assessee: The petitioner is a… Read More »
Revaluation Loss on Bank Securities and Bad Debts for Non-Rural Advances Are Allowed Issue Revaluation Loss on Securities: Whether Government Securities held by a bank qualify as stock-in-trade and can be valued at cost or market price, whichever is lower, thereby making revaluation losses deductible under Section 28(i). Bad Debts on Non-Rural Advances: Whether bad… Read More »
Non-Compete Fee Taxable in Right Assessee’s Hands Following Binding Precedent Deleting Duplicate Slump Sale Addition Issue Whether the Tribunal was justified in upholding the deletion of an addition of ₹9 crores made towards non-compete fee and slump sale in the assessee’s hands, when the taxability of ₹7 crores of the said non-compete fee received by… Read More »
Section 263 Revision Valid as Interest Embedded in Debenture-to-Share Conversion Remains Taxable under Section 56 Issue Whether an assessment order completed under Section 147 without proper inquiry or application of mind by the Assessing Officer regarding accrued debenture interest is erroneous and prejudicial to the interests of the Revenue under Section 263. Whether interest income… Read More »
ITC Cannot Be Denied Solely for Belated Return Filing Within Section 16(5) Extended Deadline Issue Whether Input Tax Credit (ITC) can be rejected on the sole ground of belated filing of GSTR-3B returns when the returns were filed within the retrospectively extended deadline under Section 16(5) of the GST Act. Facts Period & Claims: For… Read More »
Cross-Empowerment Under GST Act Operates Independently and Is Not Fettered by Non-Issuance of Notification Issue Whether cross-empowerment of State/UT and Central GST officers under Section 6 of the GST Act requires a specific prior notification to authorize proceedings, or if powers can be exercised absent such notification. Facts Dual Proceedings Initiated: Assessees faced summons and… Read More »
Unsigned Detailed GST Adjudication Order Lacks Statutory Validity and Cannot Be Cured by Signed Form DRC-07 Issue Whether an unsigned detailed GST adjudication order is legally valid under Rule 26(3) read with Section 160(1) of the CGST/TNGST Act, and whether a digital signature on the summary Form GST DRC-07 can cure the defect. Facts The… Read More »
Denial of cross-examination vitiates demand orders relying on adverse third-party statements, requiring fresh assessment. Denial of cross-examination vitiates demand orders relying on adverse third-party statements, requiring fresh assessment. Issue Whether assessment orders denying Input Tax Credit (ITC) based on third-party statements are sustainable when the Assessing Officer rejects the assessee’s specific request for cross-examination. Facts… Read More »