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Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
The HC held that transitional Cenvat Credit carried forward qualifies as "input tax credit" under the CGST Act. Interest u/s 50(3) is payable for wrongly availing and utilizing such credit. However, imposing penalty u/s 122(2)(b) read with 74(1) requires evidence of fraud or willful misstatement, which was absent as the petitioner acted under a bona fide belief. While upholding interest liability, the HC quashed the penalty recognizing lack of fraudulent intent by the petitioner, a government company. The petition was allowed in part.
The HC held that transitional Cenvat Credit carried forward qualifies as "input tax credit" under the CGST Act. Interest u/s 50(3) is payable for wrongly availing and utilizing such credit. However, imposing penalty u/s 122(2)(b) read with 74(1) requires evidence of fraud or willful misstatement, which was absent as the petitioner acted under a bona fide belief. While upholding interest liability, the HC quashed the penalty recognizing lack of fraudulent intent by the petitioner, a government company. The petition was allowed in part.
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