Reopening Assessments invalid where satisfaction and jurisdictional approval are absent for third party seized material, leading to quashing of assess...
Benami property exclusion from the insolvency estate: Benami Act proceedings preclude IBC tribunals from reopening attachments or treating such assets...
Wrongful availment or misapplication of input tax credit by adjustment between tax heads does not, by itself, attract recovery proceedings if no tax remains unpaid or there is no revenue loss; the tribunal reasoned that proceedings for recovery require tax to be unpaid, short paid, erroneously refunded, or input tax to be wrongfully availed or utilized causing revenue loss, and that mere head-to-head adjustment without loss will not support initiation of recovery notices. The impugned recovery notice was quashed applying these principles.
Wrongful availment or misapplication of input tax credit by adjustment between tax heads does not, by itself, attract recovery proceedings if no tax remains unpaid or there is no revenue loss; the tribunal reasoned that proceedings for recovery require tax to be unpaid, short paid, erroneously refunded, or input tax to be wrongfully availed or utilized causing revenue loss, and that mere head-to-head adjustment without loss will not support initiation of recovery notices. The impugned recovery notice was quashed applying these principles.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
