Transfer pricing comparability under TNMM: foreign exchange loss on ECB excluded from operating cost, and a functionally dissimilar comparator removed...
The HC held that issuance of separate SCNs under Sections 73 and 74 of the WBGST/CGST Act for the same period is valid, as Section 73 pertains to tax short paid without fraud, while Section 74 addresses fraud or wilful suppression. The petitioner's challenge to the SCN's vagueness was rejected, noting adequate particulars were provided per statutory requirements and the petitioner failed to appear or adequately contest. Regarding ITC claimed on B2B supplies in GSTR-3B, the Court ruled the petitioner cannot bypass the appellate remedy and invoke writ jurisdiction, as the demand in Form GST APL04 dated 27 December 2023 is final. Consequently, demands under points 1(I) and 3(M) of the SCN dated 13 May 2024 were quashed. The demand in DRC-07 dated 19 July 2024 was set aside, and the matter remanded for fresh demand issuance consistent with the Court's directions.
The HC held that issuance of separate SCNs under Sections 73 and 74 of the WBGST/CGST Act for the same period is valid, as Section 73 pertains to tax short paid without fraud, while Section 74 addresses fraud or wilful suppression. The petitioner's challenge to the SCN's vagueness was rejected, noting adequate particulars were provided per statutory requirements and the petitioner failed to appear or adequately contest. Regarding ITC claimed on B2B supplies in GSTR-3B, the Court ruled the petitioner cannot bypass the appellate remedy and invoke writ jurisdiction, as the demand in Form GST APL04 dated 27 December 2023 is final. Consequently, demands under points 1(I) and 3(M) of the SCN dated 13 May 2024 were quashed. The demand in DRC-07 dated 19 July 2024 was set aside, and the matter remanded for fresh demand issuance consistent with the Court's directions.
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