Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
