Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Validity of reassessment order - disallowance of ITC claim - The court examined the provisions of Section 29 of the Act, which pertains to the assessment of tax on turnover escaped from assessment. It was determined that the scope of reassessment under Section 29 did not include the recomputation of ITC or RITC. The court noted that ITC is an allowance and not part of the determination of turnover or tax liability. Therefore, the jurisdiction to reassess did not arise under Section 29 of the Act for RITC, making the reassessment proceedings against the petitioner without jurisdiction.
Validity of reassessment order - disallowance of ITC claim - The court examined the provisions of Section 29 of the Act, which pertains to the assessment of tax on turnover escaped from assessment. It was determined that the scope of reassessment under Section 29 did not include the recomputation of ITC or RITC. The court noted that ITC is an allowance and not part of the determination of turnover or tax liability. Therefore, the jurisdiction to reassess did not arise under Section 29 of the Act for RITC, making the reassessment proceedings against the petitioner without jurisdiction.
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