Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
HC partially allowed the petition challenging GST late fee and penalty impositions. Court upheld late fee under Section 47(2) of GST Act for delayed annual return filing, which mandates Rs.100 per day subject to maximum 0.25% of state turnover. However, HC struck down additional general penalty of Rs.50,000 each under Section 125 for CGST and SGST, ruling that when specific penalty provision exists as late fee under Section 47, imposing general penalty is improper. Court confirmed respondent authority's jurisdiction to initiate proceedings for non-filing but emphasized that penalty cannot be duplicated through both late fee and general penalty provisions.
HC partially allowed the petition challenging GST late fee and penalty impositions. Court upheld late fee under Section 47(2) of GST Act for delayed annual return filing, which mandates Rs.100 per day subject to maximum 0.25% of state turnover. However, HC struck down additional general penalty of Rs.50,000 each under Section 125 for CGST and SGST, ruling that when specific penalty provision exists as late fee under Section 47, imposing general penalty is improper. Court confirmed respondent authority's jurisdiction to initiate proceedings for non-filing but emphasized that penalty cannot be duplicated through both late fee and general penalty provisions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
