Oct 4, 12:32 PM

Supreme Court Upholds 90,000 Reassessment Notices, Input Tax Credits Under GST, Dismisses Electoral Bonds Review

The Supreme Court of India has made several significant rulings recently. It declared that real estate companies can claim Input Tax Credits under the GST regime for construction costs of commercial structures intended for renting or leasing. Additionally, the Court upheld the validity of nearly 90,000 reassessment notices issued by the Income Tax Department after April 1, 2021, under old provisions, providing relief to the Income Tax Department. Furthermore, a nine-judge Bench refused to review its July 25 judgment, which upheld the legislative power of State legislatures to tax mineral-bearing lands and quarries. The Court also dismissed pleas seeking a review of its verdict scrapping the electoral bonds scheme.

#Supreme Court of India #Input Tax Credits #Court #Income Tax Department #Bench #State

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Supreme Court Upholds 90,000 Reassessment Notices, Input Tax Credits Under GST, Dismisses Electoral Bonds Review

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