Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
Acquiescence, homebuyer protection and clean-slate resolution principles prevent landowners from disrupting an integrated project through late termina...
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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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