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 is eligible to avail the benefit of the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, as the duty liability was admitted and quantified before June 30, 2019, during the course of investigation. The definition of "quantified" under the scheme does not specify who is required to quantify the amount. The ministry's clarification also stated that duty liability admitted and quantified before June 30, 2019, would be eligible under the scheme. Despite mentioning a higher figure in the application, the petitioner cannot be deprived of the scheme's benefit, especially when the scheme aims to reduce litigation. The High Court directed the respondents to accept the petitioner's application and inform any amount due and payable under the scheme within four weeks.
The High Court held that the petitioner is eligible to avail the benefit of the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, as the duty liability was admitted and quantified before June 30, 2019, during the course of investigation. The definition of "quantified" under the scheme does not specify who is required to quantify the amount. The ministry's clarification also stated that duty liability admitted and quantified before June 30, 2019, would be eligible under the scheme. Despite mentioning a higher figure in the application, the petitioner cannot be deprived of the scheme's benefit, especially when the scheme aims to reduce litigation. The High Court directed the respondents to accept the petitioner's application and inform any amount due and payable under the scheme within four weeks.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
