Penalty on exchange vacated for lack of evidence that exchange authorized subsidiaries' investments; Regulations 43(1) 2012 and 38(2) 2018 inapplicabl...
Petitioner not an eligible assessee under s.144C(15)(b); draft and final assessments under s.144C(1)/s.143(3)/s.144B quashed and penalty show-cause no...
The HC allowed the petition and quashed the impugned Order-in-Original dated 27.12.2023, holding the proceedings initiated under s.74 of the GST Act to be without jurisdiction. The court found respondent-authority erred by invoking s.74 despite an existing show-cause notice and OIO (20.02.2023) alleging wrongful carry-forward of CENVAT/service-tax credit of Rs.4,15,55,899 and a pending appeal before the CESTAT; it also noted non-consideration of the petitioner's reply and a copy of the pending OIO, raising natural justice concerns. Consequently the show-cause notice dated 13.07.2022 and the resultant OIO were set aside and the petition was allowed.
The HC allowed the petition and quashed the impugned Order-in-Original dated 27.12.2023, holding the proceedings initiated under s.74 of the GST Act to be without jurisdiction. The court found respondent-authority erred by invoking s.74 despite an existing show-cause notice and OIO (20.02.2023) alleging wrongful carry-forward of CENVAT/service-tax credit of Rs.4,15,55,899 and a pending appeal before the CESTAT; it also noted non-consideration of the petitioner's reply and a copy of the pending OIO, raising natural justice concerns. Consequently the show-cause notice dated 13.07.2022 and the resultant OIO were set aside and the petition was allowed.
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