Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
The AT held that the Respondent engaged in profiteering under Section 171, CGST Act, by failing to pass on GST rate reductions effective 01.10.2019; the statutory rebuttable presumption that reduced tax rates require commensurate price reductions was not successfully rebutted. The Respondent's claim of COVID-related additional costs was found unsubstantiated and after-the-fact. The AT directed recovery of Rs. 31,28,631 with interest at 18% p.a. from 01.10.2019 until realization, and ordered deposit of the realized amount into the Consumer Welfare Fund to be apportioned equally between the Centre and States.
The AT held that the Respondent engaged in profiteering under Section 171, CGST Act, by failing to pass on GST rate reductions effective 01.10.2019; the statutory rebuttable presumption that reduced tax rates require commensurate price reductions was not successfully rebutted. The Respondent's claim of COVID-related additional costs was found unsubstantiated and after-the-fact. The AT directed recovery of Rs. 31,28,631 with interest at 18% p.a. from 01.10.2019 until realization, and ordered deposit of the realized amount into the Consumer Welfare Fund to be apportioned equally between the Centre and States.
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