Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
The HC ruled that the notification dated 31-10-2006, which made production of C-Forms mandatory for CST exemptions under Section 8(5), would not apply retrospectively to the petitioner company. Following the Supreme Court's decision in Prism Cement Limited, the court held that such restrictions operate prospectively and cannot affect absolute exemptions granted prior to the amendment. Since the petitioner had been granted exemption from 07-11-1997 (having invested over Rs. 550 crores in an Integrated Steel Plant), the mandatory C-Form requirement introduced on 10-05-2002 would not apply to them. The petitioner remains entitled to exemption benefits without C-Form submission until 17-04-2013 as originally granted.
The HC ruled that the notification dated 31-10-2006, which made production of C-Forms mandatory for CST exemptions under Section 8(5), would not apply retrospectively to the petitioner company. Following the Supreme Court's decision in Prism Cement Limited, the court held that such restrictions operate prospectively and cannot affect absolute exemptions granted prior to the amendment. Since the petitioner had been granted exemption from 07-11-1997 (having invested over Rs. 550 crores in an Integrated Steel Plant), the mandatory C-Form requirement introduced on 10-05-2002 would not apply to them. The petitioner remains entitled to exemption benefits without C-Form submission until 17-04-2013 as originally granted.
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TaxTMI 
TaxTMI 
of 4915 
