Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
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Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
The High Court held that Rule 55 of the CGST Rules, 2017 applies only to the four circumstances mentioned in Rule 55 (a) to (d), and the supply of Acetylene Gas is not covered by Rule 55 (a). Therefore, the goods should have been covered by a tax invoice. The competent authorities were directed to consider the case u/s 122 of the CGST/SGST Acts and impose appropriate penalties. Any amount recovered from the petitioner due to the previous order shall be refunded or adjusted against future tax liabilities by crediting the electronic cash register. The petition was disposed of accordingly.
The High Court held that Rule 55 of the CGST Rules, 2017 applies only to the four circumstances mentioned in Rule 55 (a) to (d), and the supply of Acetylene Gas is not covered by Rule 55 (a). Therefore, the goods should have been covered by a tax invoice. The competent authorities were directed to consider the case u/s 122 of the CGST/SGST Acts and impose appropriate penalties. Any amount recovered from the petitioner due to the previous order shall be refunded or adjusted against future tax liabilities by crediting the electronic cash register. The petition was disposed of accordingly.
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