Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
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Section 62(2) of the CGST Act provides that a best-judgment assessment for non-filing of a return is deemed withdrawn where the registered person furnishes a valid return within the prescribed period after service of the assessment order, although interest and late-fee liability continues. The notes state that the dealer filed the return for the disputed period with applicable interest and late fee after the assessment order, which the revenue did not dispute. Applying the statutory provision and cited High Court decisions, the January 2024 assessment was treated as withdrawn and set aside.
Section 62(2) of the CGST Act provides that a best-judgment assessment for non-filing of a return is deemed withdrawn where the registered person furnishes a valid return within the prescribed period after service of the assessment order, although interest and late-fee liability continues. The notes state that the dealer filed the return for the disputed period with applicable interest and late fee after the assessment order, which the revenue did not dispute. Applying the statutory provision and cited High Court decisions, the January 2024 assessment was treated as withdrawn and set aside.
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