Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
