Fair market value under section 50C must reflect existing property condition, not hypothetical development, and statutory valuation steps must be foll...
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Belated filing of a GST return after a best judgment assessment under Section 62, together with payment of tax, interest and late fee, is treated as resulting in deemed withdrawal of the assessment order. The note records that once the return for the relevant period was filed and the statutory dues were discharged, recovery under the assessment order could not continue. It follows the cited High Court view that subsequent compliance cures the basis for pursuing recovery under the best judgment assessment.
Belated filing of a GST return after a best judgment assessment under Section 62, together with payment of tax, interest and late fee, is treated as resulting in deemed withdrawal of the assessment order. The note records that once the return for the relevant period was filed and the statutory dues were discharged, recovery under the assessment order could not continue. It follows the cited High Court view that subsequent compliance cures the basis for pursuing recovery under the best judgment assessment.
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