Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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The HC allowed the petition, holding that imposition of penalty under Section 11AC(1)(c) of the Central Excise Act read with Section 122(2)(b) of the CGST Act was unjustified. The Court observed that although the petitioner belatedly reversed proportionate input tax credit on obsolete/slow-moving inputs, no undue advantage accrued and the reversal was recorded in the trial balance on 23.10.2019. Having regard to available alternate remedy under section 107 before the appellate authority and relevant jurisprudence distinguishing bona fide reversal from fraud or willful suppression, the penalty was set aside and the impugned adjudication modifying only interest or tax, if any, was directed to be re-considered without imposing the contested penalty.
The HC allowed the petition, holding that imposition of penalty under Section 11AC(1)(c) of the Central Excise Act read with Section 122(2)(b) of the CGST Act was unjustified. The Court observed that although the petitioner belatedly reversed proportionate input tax credit on obsolete/slow-moving inputs, no undue advantage accrued and the reversal was recorded in the trial balance on 23.10.2019. Having regard to available alternate remedy under section 107 before the appellate authority and relevant jurisprudence distinguishing bona fide reversal from fraud or willful suppression, the penalty was set aside and the impugned adjudication modifying only interest or tax, if any, was directed to be re-considered without imposing the contested penalty.
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