Discounted cash flow valuation protects share premium where projections are reasonable, while audited book expenses defeat unexplained-expenditure add...
Section 54 construction relief survives pre-transfer commencement when completion occurs within the statutory period, excluding ineligible spouse-owne...
Fraud classification show-cause notices founded on inconclusive forensic audit material cannot sustain action, permitting fresh proceedings on conclus...
Section 74 of the HPGST Act requires a show cause notice to state the foundational facts showing that wrongful availment or utilisation of input tax credit resulted from fraud, wilful misstatement, or suppression of facts to evade tax. Bare, alternative recitals of those expressions, without identifying the taxpayer's precise conduct and linking it to the alleged default, do not meet that requirement. An ITC mismatch or short payment alone cannot justify Section 74 unless the notice records supporting reasons and facts. The High Court set aside the defective notice, permitted a fresh notice within 60 days without limitation bar, and kept the challenge to ITC provisions open.
Section 74 of the HPGST Act requires a show cause notice to state the foundational facts showing that wrongful availment or utilisation of input tax credit resulted from fraud, wilful misstatement, or suppression of facts to evade tax. Bare, alternative recitals of those expressions, without identifying the taxpayer's precise conduct and linking it to the alleged default, do not meet that requirement. An ITC mismatch or short payment alone cannot justify Section 74 unless the notice records supporting reasons and facts. The High Court set aside the defective notice, permitted a fresh notice within 60 days without limitation bar, and kept the challenge to ITC provisions open.
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