SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
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The High Court prima facie found the notification No. 56/2023 issued by the Central Board of Indirect Taxes and Customs to be inconsistent with Section 168(A) of the Central GST Act, 2017. Consequently, any actions based on the said notification would fail. While acknowledging the petitioner's entitlement to reliefs proposed in the Financial Bill 2024, the Court deemed it necessary to examine the applicability of force majeure concerning the notification, considering the Minutes of the 49th GST Council Meeting. However, the respondent authorities were granted an opportunity to present their stance and materials justifying the force majeure claim. Interim protection was granted to the petitioner, prohibiting coercive action based on the impugned assessment order dated 18.04.2024 until the next hearing scheduled for 21.08.2024, with the respondents directed to file affidavits by 19.08.2024.
The High Court prima facie found the notification No. 56/2023 issued by the Central Board of Indirect Taxes and Customs to be inconsistent with Section 168(A) of the Central GST Act, 2017. Consequently, any actions based on the said notification would fail. While acknowledging the petitioner's entitlement to reliefs proposed in the Financial Bill 2024, the Court deemed it necessary to examine the applicability of force majeure concerning the notification, considering the Minutes of the 49th GST Council Meeting. However, the respondent authorities were granted an opportunity to present their stance and materials justifying the force majeure claim. Interim protection was granted to the petitioner, prohibiting coercive action based on the impugned assessment order dated 18.04.2024 until the next hearing scheduled for 21.08.2024, with the respondents directed to file affidavits by 19.08.2024.
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