Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
Section 74(5) of the GST law read with Rule 142(1A) confers a statutory pre-show-cause opportunity to settle the proposed demand by paying tax, interest and reduced penalty, and the Rule must be read consistently with that right. The High Court held that use of the word "may" in Rule 142(1A) cannot defeat the mandatory effect of the principal legislation. Non-issuance of DRC-01A does not by itself make DRC-01 without jurisdiction, but where the noticee invokes the statutory benefit in reply, the assessee cannot be denied the option to discharge the demand. As the petitioner raised that plea, the adjudication was to stand satisfied on payment within the time granted.
Section 74(5) of the GST law read with Rule 142(1A) confers a statutory pre-show-cause opportunity to settle the proposed demand by paying tax, interest and reduced penalty, and the Rule must be read consistently with that right. The High Court held that use of the word "may" in Rule 142(1A) cannot defeat the mandatory effect of the principal legislation. Non-issuance of DRC-01A does not by itself make DRC-01 without jurisdiction, but where the noticee invokes the statutory benefit in reply, the assessee cannot be denied the option to discharge the demand. As the petitioner raised that plea, the adjudication was to stand satisfied on payment within the time granted.
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