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The Delhi High Court has ruled that denying an input tax credit (ITC) refund solely due to the absence of authenticated documents is not permissible. Justices Sanjeev Sachdeva and Ravinder Dudeja highlighted that although the petitioner had uploaded the necessary documents, the system failed to register them. Despite submitting the documents along with a response, […]
The National Company Law Tribunal (NCLT) in Ahmedabad, India, recently made a decision. The bench comprised of Mrs Chitra Hankare (Judicial Member) and Dr Velamur G Venkata Chalapathy (Technical Member), stated that when a company is being liquidated, the income tax paid by the buyer in an auction should be considered as a recovery of […]
The refund of the Integrated Goods and Service Tax (IGST) amount including a subjected interest to an applicant who mistakenly filed IGST on a higher rate compared to the concessional applicable rate, Gujarat High Court ruled. The applicant, Tagros Chemicals India Pvt. Ltd., had been registered under GST as its introduction, and the case related […]
In a recent ruling, the Delhi High Court guided regarding the reimbursement of integrated tax paid on zero-rated supplies in GST, stating that such cases do not fall under the purview of Rule 89(4) of the Central Goods and Services Tax Rules, 2017. The court, comprising Justice Vibhu Bakhru and Justice Amit Mahajan, emphasised that […]
According to the Delhi High Court, requests for Input Tax Credit (ITC) returns cannot be refused based only on suspicion and without any supporting documentation. The department was given the go-ahead to start processing reimbursement of Rs. 72,03,961/- based on the goods sent by the petitioner by the division bench of Justices Vibhu Bakhru and […]
The Directorate of Income Tax (Systems) furnished the Instruction No. 06 of 2022 on November 28, 2022, to the Assessing Officers to answer for the intimation under tax section 245 issued by CPC, Bengaluru for a reduction in the time limit for furnishing the response to intimation under income tax section 245 by Assessing Officers. […]
The income tax department has asked the assessee to immediately answer online so that their due refunds for the assessment year 2020-21 shall be processed efficiently. Inside the official statement provided on Sunday, it stated that to date 93% of refund claims in Income tax returns furnished for the assessment year (AY) 20-21 have “already” […]
The Central Board of Indirect Taxes and Customs (CBIC) has relaxed the mechanism of GST refund provisions that includes within its purview providing the choice to taxpayers to withdraw the application. It has further amended GST rules and consequentially has excluded the time horizon from the date of filing of GST refund the application to […]
An income tax return (ITR) will be furnished when the income from all sources will (without giving effect to exemptions under section 54/54F or deduction under chapter VI A) exceed the highest value not liable to the income tax. One seeks to see the difference in income arising from all the sources before filing ITR […]
