Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
HC held that under the unamended Section 3(12) of Customs Tariff Act, 1975, imposing interest, penalty, and redemption fine on IGST was without legal authority. Following the precedent in Mahindra & Mahindra Limited, the court quashed the impugned order levying interest and penalties. The amendment to Section 3(12) by Finance Act, 2024 is prospective, applicable only from 16th August, 2024. Additionally, a trade notice allowed regularization of imports under Advance Authorization Scheme that could not meet pre-import conditions, further supporting the court's decision to set aside confiscation and redemption fine. Petition allowed.
HC held that under the unamended Section 3(12) of Customs Tariff Act, 1975, imposing interest, penalty, and redemption fine on IGST was without legal authority. Following the precedent in Mahindra & Mahindra Limited, the court quashed the impugned order levying interest and penalties. The amendment to Section 3(12) by Finance Act, 2024 is prospective, applicable only from 16th August, 2024. Additionally, a trade notice allowed regularization of imports under Advance Authorization Scheme that could not meet pre-import conditions, further supporting the court's decision to set aside confiscation and redemption fine. Petition allowed.
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