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...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
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The court dealt with the power to cancel GST registration retrospectively u/s 29 of the Central Goods and Services Tax Act, 2017. It held that while the provision enables retrospective cancellation, the mere existence of such power does not justify its invocation. The order u/s 29(2) must reflect reasons for cancelling registration retrospectively, considering the deleterious consequences. The power cannot be exercised robotically or routinely unless circumstances warrant. The impugned order lacked reasoning for retroactive cancellation, violating the statutory scheme. Relying on Ramesh Chander's case, the court emphasized that retrospective cancellation should consider denying input tax credit to customers, and such consequences must be intended and warranted. Failing to provide even rudimentary reasons, the impugned order was quashed, and the petition was allowed.
The court dealt with the power to cancel GST registration retrospectively u/s 29 of the Central Goods and Services Tax Act, 2017. It held that while the provision enables retrospective cancellation, the mere existence of such power does not justify its invocation. The order u/s 29(2) must reflect reasons for cancelling registration retrospectively, considering the deleterious consequences. The power cannot be exercised robotically or routinely unless circumstances warrant. The impugned order lacked reasoning for retroactive cancellation, violating the statutory scheme. Relying on Ramesh Chander's case, the court emphasized that retrospective cancellation should consider denying input tax credit to customers, and such consequences must be intended and warranted. Failing to provide even rudimentary reasons, the impugned order was quashed, and the petition was allowed.
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