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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Principles of natural justice violated due to errors apparent on record. Petitioner claimed inability to respond or participate due to unawareness of proceedings. Court held that tax computation erred by considering total turnover instead of turnover difference between profit and loss account and GSTR 9. Petitioner's explanation of unawareness unacceptable for a large corporate entity. However, substantial liability imposed without considering GSTR 9C reconciliation statement. Cumulatively, opportunity granted to petitioner to contest tax demand by remitting Rs.2.50 crore within four weeks and submitting reply with relevant documents. Impugned order set aside subject to compliance. Petition disposed of.
Principles of natural justice violated due to errors apparent on record. Petitioner claimed inability to respond or participate due to unawareness of proceedings. Court held that tax computation erred by considering total turnover instead of turnover difference between profit and loss account and GSTR 9. Petitioner's explanation of unawareness unacceptable for a large corporate entity. However, substantial liability imposed without considering GSTR 9C reconciliation statement. Cumulatively, opportunity granted to petitioner to contest tax demand by remitting Rs.2.50 crore within four weeks and submitting reply with relevant documents. Impugned order set aside subject to compliance. Petition disposed of.
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