Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Grant of bail involving wrongful availment of input tax credit by generating fake invoices causing wrongful gain to companies and wrongful loss to the Government. Court analyzed whether evidence available against petitioner regarding committing offense under CGST Act. Held that absence of material indicating accused petitioner as manager of firms not essential for prosecution u/s 132 of CGST Act. Provisions state whoever commits or causes to commit and retains benefits from supplies without invoice or without supplying goods avails input tax credit is liable. Court below erred in assessing consequence and spirit of Section 132. Incriminating material against petitioner ignored. While considering bail, gravity of offenses and misconstruing facts and legal position not considered. Cancellation of bail allowed, order granting bail set aside.
Grant of bail involving wrongful availment of input tax credit by generating fake invoices causing wrongful gain to companies and wrongful loss to the Government. Court analyzed whether evidence available against petitioner regarding committing offense under CGST Act. Held that absence of material indicating accused petitioner as manager of firms not essential for prosecution u/s 132 of CGST Act. Provisions state whoever commits or causes to commit and retains benefits from supplies without invoice or without supplying goods avails input tax credit is liable. Court below erred in assessing consequence and spirit of Section 132. Incriminating material against petitioner ignored. While considering bail, gravity of offenses and misconstruing facts and legal position not considered. Cancellation of bail allowed, order granting bail set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
