Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
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In light of the legal provisions and precedent, the Court held that even if excess stock is found during a survey, proceedings u/s 130 of the UPGST Act cannot be initiated. The proper course of action is to determine tax liability u/s 35(6) by following the procedure established u/s 74. Consequently, the impugned orders passed by the authorities initiating proceedings u/s 130 were quashed, and the petition was allowed, in line with the Court's earlier judgment in M/S METENERE LTD. VERSUS UNION OF INDIA AND ANOTHER.
In light of the legal provisions and precedent, the Court held that even if excess stock is found during a survey, proceedings u/s 130 of the UPGST Act cannot be initiated. The proper course of action is to determine tax liability u/s 35(6) by following the procedure established u/s 74. Consequently, the impugned orders passed by the authorities initiating proceedings u/s 130 were quashed, and the petition was allowed, in line with the Court's earlier judgment in M/S METENERE LTD. VERSUS UNION OF INDIA AND ANOTHER.
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