Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
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The High Court held that the petitioner's contention of not having the power to recover amounts during the pendency of an investigation that commenced prior to the issuance of a show cause notice u/ss 67 and 70 is valid. The payments made by the petitioner cannot be considered self-ascertainment u/s 74(5) of the CGST Act, as the element of voluntariness is absent. Since the adjudication is still to conclude and a notice u/s 74(1) has already been issued, the question of going back to the stage of Section 74(5) does not arise. The petition is allowed in part, declaring the recovery of tax from the petitioner as illegal and directing a refund within four weeks, along with applicable interest.
The High Court held that the petitioner's contention of not having the power to recover amounts during the pendency of an investigation that commenced prior to the issuance of a show cause notice u/ss 67 and 70 is valid. The payments made by the petitioner cannot be considered self-ascertainment u/s 74(5) of the CGST Act, as the element of voluntariness is absent. Since the adjudication is still to conclude and a notice u/s 74(1) has already been issued, the question of going back to the stage of Section 74(5) does not arise. The petition is allowed in part, declaring the recovery of tax from the petitioner as illegal and directing a refund within four weeks, along with applicable interest.
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