Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
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Levy of penalty - goods were undervalued - The High Court, after careful consideration of legal precedents and statutory provisions, ruled in favor of the petitioner. It held that detaining goods based solely on valuation discrepancies does not warrant penalty imposition under Section 129 of the Act. The court emphasized adherence to proper procedures outlined in Sections 73 or 74 of the Act for cases involving under-valuation. Consequently, the impugned orders were quashed, and any deposits made by the petitioner were ordered to be returned.
Levy of penalty - goods were undervalued - The High Court, after careful consideration of legal precedents and statutory provisions, ruled in favor of the petitioner. It held that detaining goods based solely on valuation discrepancies does not warrant penalty imposition under Section 129 of the Act. The court emphasized adherence to proper procedures outlined in Sections 73 or 74 of the Act for cases involving under-valuation. Consequently, the impugned orders were quashed, and any deposits made by the petitioner were ordered to be returned.
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