Transfer-pricing aggregation of distinct support-service and subcontract transactions was rejected, while debt-free receivables attracted no notional ...
Customs exemptions cover photovoltaic assembly machinery and PVF backsheets, while fully declared cleared imports may avoid confiscation and penalties...
Specific tariff classification for LCD devices overrides treatment as electricity-meter parts, defeating differential duty, extended limitation, and p...
Stayed disciplinary punishment does not establish unfitness for insolvency professional registration; reconsideration must disregard mere pendency of ...
Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
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Short payment of GST on unreconciled sales turnover - non-reversal of Input Tax Credit (ITC) - The assessing officer rejected the petitioner's explanation, citing lethargy in maintaining accounts. However, the High Court found that even if the petitioner was lax in rectifying the mistake promptly, it didn't justify the substantial tax liability imposed solely based on a reporting error. The Court noted that the statute didn't allow rectification until the annual return was filed, and therefore, the petitioner's actions were within legal bounds.
Short payment of GST on unreconciled sales turnover - non-reversal of Input Tax Credit (ITC) - The assessing officer rejected the petitioner's explanation, citing lethargy in maintaining accounts. However, the High Court found that even if the petitioner was lax in rectifying the mistake promptly, it didn't justify the substantial tax liability imposed solely based on a reporting error. The Court noted that the statute didn't allow rectification until the annual return was filed, and therefore, the petitioner's actions were within legal bounds.
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