Revenue classification: agricultural land treated as capital asset under s.2(14)(iii)(b); consideration fixed at Rs.1,00,44,000; s.54F exemption allow...
Appeal allowed, exemption under section 11 restored for not-for-profit company under section 12A carrying out charitable activities including micro-fi...
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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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