Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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The High Court held that the revisional authority's order placing the refund sanction order in abeyance u/s 108 of the Central Goods and Services Tax Act, 2017 was invalid. Section 54 prescribes the procedure for claiming refunds, and the proviso to Section 54(1) requires following the procedure u/s 49(6) for refunds from the Electronic Cash Ledger. While Section 54 lacks explicit restrictions on refunds from the Electronic Cash Ledger, similar restrictions apply. Section 108 empowers the revisional authority to stay orders deemed illegal, improper, or prejudicial to revenue interests. However, the revisional authority's doubts about the Input Tax Credit claimed by the petitioner were unrelated to the refund order's validity. Absent any finding rendering the refund order unsustainable, illegal, or invalid, invoking Section 108 was unjustified. The High Court allowed the petition, quashing the impugned order.
The High Court held that the revisional authority's order placing the refund sanction order in abeyance u/s 108 of the Central Goods and Services Tax Act, 2017 was invalid. Section 54 prescribes the procedure for claiming refunds, and the proviso to Section 54(1) requires following the procedure u/s 49(6) for refunds from the Electronic Cash Ledger. While Section 54 lacks explicit restrictions on refunds from the Electronic Cash Ledger, similar restrictions apply. Section 108 empowers the revisional authority to stay orders deemed illegal, improper, or prejudicial to revenue interests. However, the revisional authority's doubts about the Input Tax Credit claimed by the petitioner were unrelated to the refund order's validity. Absent any finding rendering the refund order unsustainable, illegal, or invalid, invoking Section 108 was unjustified. The High Court allowed the petition, quashing the impugned order.
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