Rectification of DRC-3 - Entitlement to concessional rate of tax ...

Petitioner allowed to correct financial year error in tax form; concessional rate eligibility clarified for new projects.

February 24, 2024

Case Laws GST HC

Rectification of DRC-3 - Entitlement to concessional rate of tax without ITC for new projects and unsold units of existing projects post 1st April 2019 - requirement to reverse ITC - The court recognized the bona fide mistake made by the petitioner in mentioning the financial year in Form DRC 03 and directed the tax authorities to permit rectification of the error.

View Source

← Previous Next →

Rectification of DRC-3 - Entitlement to concessional rate of tax ...

Petitioner allowed to correct financial year error in tax form; concessional rate eligibility clarified for new projects.

February 24, 2024

Case Laws GST HC

You may also like:

Once a company validly opts for the concessional tax rate u/s 115BAA for an assessment year, it is not required to exercise the option again for subsequent years, unless...

Denial of benefit of lower 22% tax rate u/s 115BAA due to delay in filing Form 10-IC by petitioner. Petitioner filed return of income in ITR-6 form, exercising option...

Transitional credit - revision of the Form TRAN-1 and Form TRAN-2 - The interest of justice would be served if we allow the petitioner to correct Form TRAN-1 in Writ...

Benefit of the option of lower rate of tax exercised by the assessee u/s 115BA - claim was denied by the CPC/CIT(A) for the simple reason that the assessee has not filed...

Disallowance of interest and financial expenses was not justified as the appellant paid interest and financial expenses to State Bank of India, Overseas Branch,...

For the purposes of deduction of tax u/s 194LBB, or u/s 194LBC the “rates in force” in relation to an assessment year or financial year shall mean the rate or rates of...

Capital gains taxation streamlined with short-term gains on certain financial assets attracting 20% tax and long-term gains on all assets attracting 12.5% tax. Exemption...

The assessee, a domestic company, contested the tax rate applied by the authorities for the assessment year 2018-19. The Finance Act, 2017 introduced a concessional tax...

Permission to correct Form GSTR-1 - Admittedly, the 31st of March 2019 was the last date by which rectification of Form – GSTR 1 may be sought. However, and also...

Disallowance of tax credit / service tax written off - disallowance made by the AO for the refund of input service tax written off - Prior period item - When the input...

Enhanced rate of tax @60% u/s 158BBE on Unexplained / Undisclosed income - prospective or retrospective - Section 115 BBE was inserted by Finance Act 2012 w.e.f...

GPF and SDS Interest Rates Revised for the Financial Year 2012-13.

The High Court considered the issue of availing concessional tax rate u/s 115BAA and the requirement of electronically filing Form 10-IC. The assessee was taxed u/s...

Levy of IGST - Concessional rate of tax - supply of goods to specified institutions - Is the concessional tax rate of 5% as given under N.No. 47/2017 is applicable only...

HC held that a minor clerical error in GST documentation - specifically, the mention of petitioner's Bombay office GSTN instead of Delhi office GSTN on invoices - cannot...

Quick Updates: