Writ relief against show cause notices is available where jurisdiction is absent and concluded advance rulings cannot be reopened without fresh fraud ...
Section 80P business attribution: ITAT allows deduction on investment interest and ancillary receipts, but excludes staff-loan and other non-eligible ...
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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