Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
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Petitioner sought regular bail in case involving alleged wrongful Input Tax Credit (ITC) availed using fictitious invoices from non-existent/suspicious firms. As per Section 132(1)(b) and (c) of HGST/CGST Act, issuing invoice without supply or availing ITC using such invoice, where tax evaded or ITC wrongly availed exceeds Rs. 500 lakhs, is punishable with up to 5 years imprisonment and fine. Show cause notice u/s 74(1) issued to petitioner is yet to be adjudicated upon to determine exact tax liability. Determination of tax liability is subject to challenge before tribunals/courts and does not fall within criminal court's realm. Another firm also issued notice jointly with petitioner, whose liability may reduce petitioner's liability. Considering maximum 5 years punishment u/s 132 and pending adjudication of tax liability, petitioner directed to be released on regular bail on executing personal bonds with two solvent sureties of Rs. 50 lakhs each, surrendering passport and not leaving country without court's permission during trial.
Petitioner sought regular bail in case involving alleged wrongful Input Tax Credit (ITC) availed using fictitious invoices from non-existent/suspicious firms. As per Section 132(1)(b) and (c) of HGST/CGST Act, issuing invoice without supply or availing ITC using such invoice, where tax evaded or ITC wrongly availed exceeds Rs. 500 lakhs, is punishable with up to 5 years imprisonment and fine. Show cause notice u/s 74(1) issued to petitioner is yet to be adjudicated upon to determine exact tax liability. Determination of tax liability is subject to challenge before tribunals/courts and does not fall within criminal court's realm. Another firm also issued notice jointly with petitioner, whose liability may reduce petitioner's liability. Considering maximum 5 years punishment u/s 132 and pending adjudication of tax liability, petitioner directed to be released on regular bail on executing personal bonds with two solvent sureties of Rs. 50 lakhs each, surrendering passport and not leaving country without court's permission during trial.
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