Inaccurate-particulars penalties fail where transfer-pricing documentation shows good faith and due diligence, and underlying capital-gains additions ...
Transfer-pricing tolerance for software sub-licensing falls within the services range, eliminating the adjustment and requiring TDS-credit verificatio...
Customs Broker due diligence requires prescribed KYC, not detecting misdeclarations discoverable only through physical examination, defeating licence ...
E-filing system failure permits exclusion of affected time in insolvency appeals, preventing tribunal technology defects from defeating timely filings...
Assignment or transfer of leasehold rights in a GIDC industrial plot is characterised as a transfer of benefits arising from immovable property, not a taxable GST supply. GST charged on that transfer therefore lacks legal basis, and input tax credit reversal and interest premised on the assumed levy cannot stand. The blocked-credit restriction for goods or services used in construction of immovable property does not apply where no construction activity occurred. As the underlying transaction is not taxable and the blocked-credit premise fails, allegations of wrongful credit, fraud, wilful misstatement or suppression for section 74 proceedings, including consequential penalty, cannot be sustained. The adjudication and appellate demands were quashed, with refund of tax and interest directed.
Assignment or transfer of leasehold rights in a GIDC industrial plot is characterised as a transfer of benefits arising from immovable property, not a taxable GST supply. GST charged on that transfer therefore lacks legal basis, and input tax credit reversal and interest premised on the assumed levy cannot stand. The blocked-credit restriction for goods or services used in construction of immovable property does not apply where no construction activity occurred. As the underlying transaction is not taxable and the blocked-credit premise fails, allegations of wrongful credit, fraud, wilful misstatement or suppression for section 74 proceedings, including consequential penalty, cannot be sustained. The adjudication and appellate demands were quashed, with refund of tax and interest directed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
