Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Excess stock found during survey triggered initiation of proceedings against petitioner. Court held if excess stock found, proceedings u/ss 73/74 of GST Act should be invoked, not Section 130 read with Rule 120. Court relied on previous judgment holding excess stock attracts Sections 73 & 74, not Section 130 read with Rule 122. Law is clear Section 130 proceedings cannot be initiated if excess stock found during survey. Impugned orders invoking Section 130 quashed, petition allowed.
Excess stock found during survey triggered initiation of proceedings against petitioner. Court held if excess stock found, proceedings u/ss 73/74 of GST Act should be invoked, not Section 130 read with Rule 120. Court relied on previous judgment holding excess stock attracts Sections 73 & 74, not Section 130 read with Rule 122. Law is clear Section 130 proceedings cannot be initiated if excess stock found during survey. Impugned orders invoking Section 130 quashed, petition allowed.
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TaxTMI 
TaxTMI 
of 4916 
