Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Input Tax Credit - Reversal / refunding of ITC - the Integrated Goods and Service Tax (IGST) was not paid and ‘NIL’ return had been filed by the seller but the petitioners had availed of input tax credit - The High court noted discrepancies in the handling of the case by the authorities, particularly the failure to proceed against the seller before reversing the petitioners' input tax credit. HC emphasized the established legal principle that the buyer cannot be burdened with refunding the input tax credit without the authorities first taking action against the seller, except under exceptional circumstances.
Input Tax Credit - Reversal / refunding of ITC - the Integrated Goods and Service Tax (IGST) was not paid and ‘NIL’ return had been filed by the seller but the petitioners had availed of input tax credit - The High court noted discrepancies in the handling of the case by the authorities, particularly the failure to proceed against the seller before reversing the petitioners' input tax credit. HC emphasized the established legal principle that the buyer cannot be burdened with refunding the input tax credit without the authorities first taking action against the seller, except under exceptional circumstances.
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TaxTMI 
TaxTMI 
of 4915 
