Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
The High Court held that the Summary of Show Cause Notice along with the attachment containing tax determination cannot substitute a proper Show Cause Notice as mandated u/s 73 of the CGST/AGST Act, 2017. The impugned order was passed without issuing a proper Show Cause Notice, violating the principles of natural justice and Section 75(4) which requires granting an opportunity of hearing when requested. The court quashed the impugned order dated 31.12.2023 for being contrary to Sections 73 and 75(4), and Rule 142(1)(a). However, liberty was granted to the authorities to initiate de novo proceedings u/s 73 for the relevant financial year.
The High Court held that the Summary of Show Cause Notice along with the attachment containing tax determination cannot substitute a proper Show Cause Notice as mandated u/s 73 of the CGST/AGST Act, 2017. The impugned order was passed without issuing a proper Show Cause Notice, violating the principles of natural justice and Section 75(4) which requires granting an opportunity of hearing when requested. The court quashed the impugned order dated 31.12.2023 for being contrary to Sections 73 and 75(4), and Rule 142(1)(a). However, liberty was granted to the authorities to initiate de novo proceedings u/s 73 for the relevant financial year.
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