Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Disallowance of input tax credit was challenged on the ground that proceedings under Section 73 were initiated only against the recipient without first following the statutory mechanism under Section 42 against the suppliers. The Court held that Section 42(3) mandates issuance of a discrepancy notice to both supplier and recipient, and Section 42(5) permits fastening output tax liability on the recipient only if, after such communication, the supplier fails to rectify the discrepancy in the prescribed return. Since no proceedings/notices were initiated against the suppliers before issuing the show cause notice to the recipient, the notice was without jurisdiction and was quashed, with liberty to proceed against the suppliers. - HC
Disallowance of input tax credit was challenged on the ground that proceedings under Section 73 were initiated only against the recipient without first following the statutory mechanism under Section 42 against the suppliers. The Court held that Section 42(3) mandates issuance of a discrepancy notice to both supplier and recipient, and Section 42(5) permits fastening output tax liability on the recipient only if, after such communication, the supplier fails to rectify the discrepancy in the prescribed return. Since no proceedings/notices were initiated against the suppliers before issuing the show cause notice to the recipient, the notice was without jurisdiction and was quashed, with liberty to proceed against the suppliers. - HC
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