Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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 The Tribunal erred by relying on an outdated Circular, failing to consider the subsequent Circular No.5/2021 issued pursuant to this Court's directive mandating a mechanism for return reconciliation.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 The Tribunal erred by relying on an outdated Circular, failing to consider the subsequent Circular No.5/2021 issued pursuant to this Court's directive mandating a mechanism for return reconciliation.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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