Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
The HC allowed the petition and quashed the impugned orders dated 29.05.2024 (respondent no.2) and 21.10.2023 (respondent no.3), holding that initiation of proceedings under section 130 read with section 122 of the GST Act is impermissible where excess stock is discovered during survey and proceedings under sections 73/74 have already been initiated. The court applied binding precedent affirmed by the SC, concluding that section 130 proceedings cannot be invoked to convert survey-discovered excess stock into a separate penal or adjudicatory process. Consequently, all consequential actions premised on the impugned orders were set aside and the petition was allowed.
The HC allowed the petition and quashed the impugned orders dated 29.05.2024 (respondent no.2) and 21.10.2023 (respondent no.3), holding that initiation of proceedings under section 130 read with section 122 of the GST Act is impermissible where excess stock is discovered during survey and proceedings under sections 73/74 have already been initiated. The court applied binding precedent affirmed by the SC, concluding that section 130 proceedings cannot be invoked to convert survey-discovered excess stock into a separate penal or adjudicatory process. Consequently, all consequential actions premised on the impugned orders were set aside and the petition was allowed.
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TaxTMI 
TaxTMI 
of 4915 
