Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
State GST authorities initiated audit proceedings where petitioner acknowledged tax shortfall based on audit findings. Subsequently, Central GST issued show cause notice on same matter. HC quashed the impugned order, holding that audit constitutes "proceedings" as per G.K. Trading Company precedent. The court determined that Central authorities' summons under section 70 was issued after state audit commenced, constituting parallel proceedings on identical subject matter. Following Liberty Oil Mills interpretation of "investigation" as evidence collection process, HC found dual proceedings impermissible. Since both state and central actions concerned same tax issues, and state proceedings began first through audit, the petition was allowed and central proceedings were invalidated.
State GST authorities initiated audit proceedings where petitioner acknowledged tax shortfall based on audit findings. Subsequently, Central GST issued show cause notice on same matter. HC quashed the impugned order, holding that audit constitutes "proceedings" as per G.K. Trading Company precedent. The court determined that Central authorities' summons under section 70 was issued after state audit commenced, constituting parallel proceedings on identical subject matter. Following Liberty Oil Mills interpretation of "investigation" as evidence collection process, HC found dual proceedings impermissible. Since both state and central actions concerned same tax issues, and state proceedings began first through audit, the petition was allowed and central proceedings were invalidated.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
