The GSTAT held that customer emails denying receipt of ITC benefit could not outweigh books of accounts, ledgers, and credit notes showing price adjustments. The Tribunal recognised adjustment of dues as a valid mode of passing GST benefits.
The GSTAT directed the DGAP to re-examine profiteering calculations after observing a possible miscalculation in the Input Tax Credit figures. The Tribunal sought additional documents and ordered submission of a supplementary report.
The GSTAT set aside the DGAP’s profiteering report after questioning the methodology used to calculate Input Tax Credit benefits in a real estate project. The Tribunal directed a fresh investigation and recalculation of alleged profiteering.
The Mumbai ITAT held that reassessment under Section 148 cannot be initiated after three years unless the alleged escaped income exceeds ₹50 lakh. Since the disputed amount was only ₹7.10 lakh, the reopening was quashed.
GST replaced multiple indirect taxes with a unified taxation framework to reduce cascading taxes and improve ease of doing business. The reform significantly enhanced transparency, digital compliance, and economic efficiency in India.
The Mumbai ITAT held that expenditure on software licences, maintenance, database access and periodic upgrades is allowable as revenue expenditure. The Tribunal ruled that mere use of software does not create a capital asset or enduring ownership right.
The Mumbai ITAT held that the Assessing Officer cannot impose the maximum 90% penalty under Section 271AAB without recording extraordinary reasons. In absence of special circumstances, the penalty was restricted to the minimum prescribed rate of 30%.
The week witnessed important rulings on benami transactions, GST natural justice violations, and misuse of insolvency proceedings. SEBI and RBI also introduced significant regulatory and compliance reforms.
The Mumbai ITAT held that taxability cannot be conclusively decided while an application for exemption under Section 10(46) remains pending before the CBDT. The matter was restored to the AO for fresh adjudication after the CBDT’s final decision.
You Already Filed One Refund Application… So You Cannot File Another?” Bombay High Court Says GST Law Does Not Work That Way Summary: The Bombay High Court in the case relating to GST refund claims held that Section 54 of the CGST Act does not prohibit filing a second refund application for the same quarter where […]
