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Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
The HC held that the penalty imposed under Section 27(3) of the TNVAT Act, 2006, for reversal of ITC due to mismatched returns was improperly determined without regard to relevant factors and applicable Circulars. The Tribunal erred by relying on an outdated Circular, failing to consider the subsequent Circular No.5/2021 issued pursuant to this Court's directive mandating a mechanism for return reconciliation. As the assessment and first appellate orders predated these developments, the HC found merit in remanding the matter to the assessing authority for fresh adjudication in accordance with the latest Circular. The question of law was resolved in favor of the State, endorsing the remand for reassessment consistent with current procedural guidelines.
The HC held that the penalty imposed under Section 27(3) of the TNVAT Act, 2006, for reversal of ITC due to mismatched returns was improperly determined without regard to relevant factors and applicable Circulars. The Tribunal erred by relying on an outdated Circular, failing to consider the subsequent Circular No.5/2021 issued pursuant to this Court's directive mandating a mechanism for return reconciliation. As the assessment and first appellate orders predated these developments, the HC found merit in remanding the matter to the assessing authority for fresh adjudication in accordance with the latest Circular. The question of law was resolved in favor of the State, endorsing the remand for reassessment consistent with current procedural guidelines.
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