Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Levy of penalty - Evidently there was no intention on the part of the assessee to evade or avoid taxes and therefore, levy of 15% penalty being totally illegal is quashed - However, penalty equal to 0.1% of the turnover has been confirmed since no doubt that the assessee did not submit the audit report in terms of Section 53(1) and (2) of the TVAT Act within the time prescribed under the said Section. - HC
Levy of penalty - Evidently there was no intention on the part of the assessee to evade or avoid taxes and therefore, levy of 15% penalty being totally illegal is quashed - However, penalty equal to 0.1% of the turnover has been confirmed since no doubt that the assessee did not submit the audit report in terms of Section 53(1) and (2) of the TVAT Act within the time prescribed under the said Section. - HC
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