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...
HC quashed the Public Notice issued by the first respondent dated 12.02.2021 and allowed the petition. The court held the Notice conflicted with applicable customs guidance by treating local tax recovery inconsistently, and mischaracterised levy responsibilities: IGST paid on import is distinct from GST payable under the CGST regime on a subsequent auction sale. Upon transfer of title at auction the purchaser ceases to be an importer, and collection of GST on the bid price falls within GST law, not the issuing authority's competence. As the Notice contravened the statutory scheme governing customs and GST and was issued without jurisdiction, it was declared wholly without authority and set aside.
HC quashed the Public Notice issued by the first respondent dated 12.02.2021 and allowed the petition. The court held the Notice conflicted with applicable customs guidance by treating local tax recovery inconsistently, and mischaracterised levy responsibilities: IGST paid on import is distinct from GST payable under the CGST regime on a subsequent auction sale. Upon transfer of title at auction the purchaser ceases to be an importer, and collection of GST on the bid price falls within GST law, not the issuing authority's competence. As the Notice contravened the statutory scheme governing customs and GST and was issued without jurisdiction, it was declared wholly without authority and set aside.
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TaxTMI 
TaxTMI 
of 4915 
