Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
The HC allowed the petition and set aside the impugned orders of 09.08.2024 and 30.08.2024 imposing penalty under s.129(3) of the U.P. Goods and Services Act, 2017. Although the e-way bill had expired and was not renewed, the vehicle carried the goods and invoices at inspection, and the assessing authority failed to demonstrate any material indicating an intention by the petitioner to evade tax. In the absence of requisite satisfaction as to tax-evasion intent, the technical non-compliance alone could not sustain penalty under s.129(3); accordingly the penalty orders were quashed and the petition was allowed.
The HC allowed the petition and set aside the impugned orders of 09.08.2024 and 30.08.2024 imposing penalty under s.129(3) of the U.P. Goods and Services Act, 2017. Although the e-way bill had expired and was not renewed, the vehicle carried the goods and invoices at inspection, and the assessing authority failed to demonstrate any material indicating an intention by the petitioner to evade tax. In the absence of requisite satisfaction as to tax-evasion intent, the technical non-compliance alone could not sustain penalty under s.129(3); accordingly the penalty orders were quashed and the petition was allowed.
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