A practical guide on common mistakes that lead to rejection of subsidy claims in India, covering planning, compliance, documentation, and timelines.
The issue concerns denial of ITC to bona fide buyers based solely on supplier tagging and analytics. The key takeaway is that mechanical reliance on NGTP tags undermines lawful adjudication and harms compliant taxpayers.
The new law keeps depreciation methods unchanged for continuity. However, it broadens tax scope by including assets “belonging to” taxpayers beyond legal ownership.
The issue concerns the legal definition and structure of Alternative Investment Funds. The framework classifies AIFs as privately pooled investment vehicles regulated by SEBI with specific eligibility and investment conditions.
The new law restructures TDS provisions into Sections 392, 393, and 394, altering compliance procedures. Correct selection of codes and deductee details is crucial to avoid errors and notices.
Dealer incentives like tour packages are taxable as business income under the new law. If TDS is borne by the payer, it must be added as additional income through grossing up.
The new law defines strict conditions for reopening assessments using specified information categories. It ensures transparency and limits arbitrary reassessment powers.
The issue concerns fragmented litigation under the earlier tax regime. The new law integrates multiple proceedings into a unified process, reducing duplication. The key takeaway is that litigation is streamlined rather than eliminated.
The issue was whether GST demand can exceed the show cause notice. The court held that such expansion violates Section 75(7) and must be corrected.
The issue was whether buyers can claim ITC when suppliers default on tax payment. The court upheld denial, emphasizing ITC is conditional on actual tax payment.
