Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
