Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
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...
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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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