Commodity derivatives position limits adopt revised breach penalties, broad commodity criteria, and client open-position limits based on deliverable s...
GST adjudication involving penalty or other adverse liability requires an opportunity of personal hearing. A show-cause notice stating that personal hearing is inapplicable, followed by an adjudication order without a hearing, breaches the statutory hearing requirement and principles of natural justice; a hearing in an unrelated earlier matter does not cure that defect. Section 74A(8)(ii) allows payment of tax and applicable interest within 60 days of the show-cause notice without penalty, with proceedings deemed concluded. Adjudication before expiry of that payment period contravenes the provision. Orders issued in breach of either requirement are unsustainable.
GST adjudication involving penalty or other adverse liability requires an opportunity of personal hearing. A show-cause notice stating that personal hearing is inapplicable, followed by an adjudication order without a hearing, breaches the statutory hearing requirement and principles of natural justice; a hearing in an unrelated earlier matter does not cure that defect. Section 74A(8)(ii) allows payment of tax and applicable interest within 60 days of the show-cause notice without penalty, with proceedings deemed concluded. Adjudication before expiry of that payment period contravenes the provision. Orders issued in breach of either requirement are unsustainable.
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