Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
Denial of Input Tax Credit (ITC) erroneously - The supplier made a mistake by filing the return in Form GSTR-1 by specifying total integrated tax (IGST) as zero in the relevant column - The High Court observed that while suppliers may make errors, recipients are equally responsible for rectifying incorrect claims to maintain GST system integrity. However, it noted that in this case, the SGST component did reach the State of Tamil Nadu, contradicting the assessing officer's view. - The Court quashed the impugned order. The matter was remanded to the assessing officer for reconsideration, with directions to issue a fresh assessment order within a specified timeframe.
Denial of Input Tax Credit (ITC) erroneously - The supplier made a mistake by filing the return in Form GSTR-1 by specifying total integrated tax (IGST) as zero in the relevant column - The High Court observed that while suppliers may make errors, recipients are equally responsible for rectifying incorrect claims to maintain GST system integrity. However, it noted that in this case, the SGST component did reach the State of Tamil Nadu, contradicting the assessing officer's view. - The Court quashed the impugned order. The matter was remanded to the assessing officer for reconsideration, with directions to issue a fresh assessment order within a specified timeframe.
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