Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
Inadvertent payment of GST under the IGST head, where CGST and SGST were actually payable and no IGST liability existed, is treated as a clerical error rather than a payment made under a misconception that the supply was inter-State. Section 77(2) therefore does not apply. Where the full GST liability has effectively been discharged, interest and penalty are not payable. The amount remitted as IGST may be appropriated against the CGST and SGST liability; where procedurally required, refund and transfer of the amount may be sought.
Inadvertent payment of GST under the IGST head, where CGST and SGST were actually payable and no IGST liability existed, is treated as a clerical error rather than a payment made under a misconception that the supply was inter-State. Section 77(2) therefore does not apply. Where the full GST liability has effectively been discharged, interest and penalty are not payable. The amount remitted as IGST may be appropriated against the CGST and SGST liability; where procedurally required, refund and transfer of the amount may be sought.
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