Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
The HC allowed the petition and set aside the impugned appellate decision to the extent it refused complete relief to the petitioner. The court held that initiation of proceedings under section 74 requires a recorded finding of fraud, mis-statement or suppression of fact with intent to evade tax, which is absent on the record; accordingly proceedings framed and penalties levied under section 130(3) read with section 122 could not be sustained insofar as they relied on section 74-type allegations. The matter was remitted for reassessment limited to available findings, and any enhanced liability attributable to non-fraudulent discrepancies was confined to the reduced quantum previously accepted.
The HC allowed the petition and set aside the impugned appellate decision to the extent it refused complete relief to the petitioner. The court held that initiation of proceedings under section 74 requires a recorded finding of fraud, mis-statement or suppression of fact with intent to evade tax, which is absent on the record; accordingly proceedings framed and penalties levied under section 130(3) read with section 122 could not be sustained insofar as they relied on section 74-type allegations. The matter was remitted for reassessment limited to available findings, and any enhanced liability attributable to non-fraudulent discrepancies was confined to the reduced quantum previously accepted.
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