Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
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A composite assessment order covering more than one financial year was challenged as violating Sections 73 and 74 of the GST Act, 2017. Applying binding precedent, it was held that a single show-cause notice or composite assessment order cannot validly relate to more than one tax period-either more than one month where proceedings are initiated before the due date for filing the annual return, or more than one year where the due date has been reached. Consequently, the impugned assessment order and the appellate order affirming it were set aside, with liberty to the department to initiate fresh proceedings separately for each assessment year. - HC
A composite assessment order covering more than one financial year was challenged as violating Sections 73 and 74 of the GST Act, 2017. Applying binding precedent, it was held that a single show-cause notice or composite assessment order cannot validly relate to more than one tax period-either more than one month where proceedings are initiated before the due date for filing the annual return, or more than one year where the due date has been reached. Consequently, the impugned assessment order and the appellate order affirming it were set aside, with liberty to the department to initiate fresh proceedings separately for each assessment year. - HC
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