Separate speaking orders on reopening objections are mandatory; deciding them within reassessment invalidates jurisdiction and precludes revival of st...
Compulsorily convertible debentures remain debt before conversion, preventing transfer-pricing and interest-deduction disallowances on the stated fact...
Stock-in-trade transfer taxability follows possession and consideration, not later conveyance registration, limiting deemed-value provisions to the ac...
The HC quashed proceedings initiated under s.130 read with s.122 of the GST Act against the petitioner, holding that survey-discovered excess stock must be addressed under the statutory machinery of s.73/74 and not by invoking s.130. The court emphasized that the GST Act is a self-contained code prescribing specific procedures where goods are unrecorded in books, obliging the proper officer to proceed under s.73/74. Reliance on prior higher-court rulings confirming that s.130 is inapplicable to excess stock found during survey reinforced the conclusion. Consequently, the impugned orders based on s.130/ s.122 were held unsustainable and were quashed; the petition was allowed.
The HC quashed proceedings initiated under s.130 read with s.122 of the GST Act against the petitioner, holding that survey-discovered excess stock must be addressed under the statutory machinery of s.73/74 and not by invoking s.130. The court emphasized that the GST Act is a self-contained code prescribing specific procedures where goods are unrecorded in books, obliging the proper officer to proceed under s.73/74. Reliance on prior higher-court rulings confirming that s.130 is inapplicable to excess stock found during survey reinforced the conclusion. Consequently, the impugned orders based on s.130/ s.122 were held unsustainable and were quashed; the petition was allowed.
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