Can ITC be claimed by a recipient for tax paid on advance given to supplier which was later forfeited due to cancellation of contract by the recipient and where no invoice was issued neither the goods/services were delivered ?
Menu
ITC on advance forfeited by supplier upon cancellation of contract by recipient
Replies (1)
No... ITC cannot be claim on Advance .
(As per Section 16(2) : must have Tax Invoice or Debit Notes to claim ITC)
(As per Section 16(2) : must have Tax Invoice or Debit Notes to claim ITC)
Recent Topic
- Need CA to certify shareholding pattern.
- Ltcg savings
- Please share the roc and income tax compliance fo
- Proprietor have 2 business. One is registered unde
- ITR-4 – Gross Receipts or Turnover for Secti
- Unrelated entries in AIS and Form 26as
- Payment to foreign national
- Internal reconstuction
- IDS Refund – Annexure B & GSTR-3B Match,
- Can i should STCG and LTCG as business income ?
Related Topics
CAclubindia
