Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
GST liability, including interest on delayed payment, must be determined strictly under the statute, and interest arises by operation of law where the fiscal enactment so provides. In the absence of statutory power, authorities cannot waive or reduce interest, or permit filing or amendment of returns in a manner not contemplated by the GST scheme; blanket directions on penalty and limitation are likewise unsustainable. The note also distinguishes contractual reimbursement of incremental GST from statutory tax liability: any claim for reimbursement is an inter se matter between contracting parties and cannot alter the GST regime or bind tax authorities.
GST liability, including interest on delayed payment, must be determined strictly under the statute, and interest arises by operation of law where the fiscal enactment so provides. In the absence of statutory power, authorities cannot waive or reduce interest, or permit filing or amendment of returns in a manner not contemplated by the GST scheme; blanket directions on penalty and limitation are likewise unsustainable. The note also distinguishes contractual reimbursement of incremental GST from statutory tax liability: any claim for reimbursement is an inter se matter between contracting parties and cannot alter the GST regime or bind tax authorities.
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