Capital Asset Conversion Requires Proven Business Stock Treatment; Paper Consideration in Spousal Flat Transfers Does Not Create Taxable Business Inco...
Human-probability test defeats political donation deduction where banking records mask accommodation-entry fund layering and evidence shows non-genuin...
Commercial property status protects capital-gains exemption when residential-house ownership limits are tested, while agricultural-land character gove...
Investigation deposits refunded after failed customs demands fall outside the statutory appellate pre-deposit interest regime and may attract compensa...
Resolution plan finality extinguishes unquantified operational-creditor claims and pending proceedings unless the approved plan expressly preserves th...
Section 74 penalties for excess input tax credit and irregular transitional credit require positive material proving fraud, wilful misstatement, or suppression with intent to evade tax; audit mismatches, record-based discrepancies, and mechanical allegations are insufficient. Where returns and credit declarations are available on the departmental portal and tax and interest are paid before a show cause notice without deliberate evasion, the payments fall within Section 73(5) read with Section 73(8). On those principles, the Section 74 penalties were deleted, and the pre-notice tax and interest payments were treated as voluntary payments. Departmental hierarchy alone also does not establish a real likelihood of institutional bias in statutory appellate proceedings.
Section 74 penalties for excess input tax credit and irregular transitional credit require positive material proving fraud, wilful misstatement, or suppression with intent to evade tax; audit mismatches, record-based discrepancies, and mechanical allegations are insufficient. Where returns and credit declarations are available on the departmental portal and tax and interest are paid before a show cause notice without deliberate evasion, the payments fall within Section 73(5) read with Section 73(8). On those principles, the Section 74 penalties were deleted, and the pre-notice tax and interest payments were treated as voluntary payments. Departmental hierarchy alone also does not establish a real likelihood of institutional bias in statutory appellate proceedings.
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TaxTMI 
TaxTMI 
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