Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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The court held that the reversal of Input Tax Credit (ITC) by the department due to discrepancy between GSTR 3B and auto-populated GSTR 2A violated principles of natural justice as the petitioner was not provided a reasonable opportunity to contest the tax demand on merits. The court set aside the impugned order and remanded the matter for reconsideration, subject to the condition that the petitioner remits 10% of the disputed tax demand within two weeks. The court emphasized the need to provide an opportunity to the petitioner to contest the tax demand on merits, albeit by putting the petitioner on terms.
The court held that the reversal of Input Tax Credit (ITC) by the department due to discrepancy between GSTR 3B and auto-populated GSTR 2A violated principles of natural justice as the petitioner was not provided a reasonable opportunity to contest the tax demand on merits. The court set aside the impugned order and remanded the matter for reconsideration, subject to the condition that the petitioner remits 10% of the disputed tax demand within two weeks. The court emphasized the need to provide an opportunity to the petitioner to contest the tax demand on merits, albeit by putting the petitioner on terms.
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