No Penalty for ITC Incorrectly Availed in Transitional Credit Usage

PMA Controls India Limited Vs Joint Commissioner of Central Tax (Appeals-II) (Madras High Court) Madras High Court ruling in PMA Controls India Limited vs Joint Commissioner of Central Tax – important insights on Input Tax Credit transition under GST. In a recent decision, the Ahmedabad bench of the Income-tax Appellate Tribunal (ITAT) ruled on a crucial tax matter concerning non-resident taxpayers providing services to foreign clients of an Indian entity. The case, Shell Global Solutions International BV v. Deputy Commissioner of Income Tax, International Taxation-I [2023] 155 taxmann.c...