Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Clubbing multiple tax periods/financial years in a single composite show-cause notice under s.73/s.74 of the CGST/KGST Act was held impermissible because the statutory scheme treats each financial year as an independent assessment unit with separate returns, reconciliation, evaluation of transactions/ITC, and year-specific limitation; the Act does not contemplate consolidated proceedings, rendering such notices without jurisdiction. Consequently, the composite show-cause notice covering FY 2019-20 to 2023-24 and all consequential proceedings were quashed, with liberty reserved to initiate fresh action in accordance with law. - HC
Clubbing multiple tax periods/financial years in a single composite show-cause notice under s.73/s.74 of the CGST/KGST Act was held impermissible because the statutory scheme treats each financial year as an independent assessment unit with separate returns, reconciliation, evaluation of transactions/ITC, and year-specific limitation; the Act does not contemplate consolidated proceedings, rendering such notices without jurisdiction. Consequently, the composite show-cause notice covering FY 2019-20 to 2023-24 and all consequential proceedings were quashed, with liberty reserved to initiate fresh action in accordance with law. - HC
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