Business upkeep expenses despite no revenue, director's interest-free advances, and property gift additions-disallowances and notional interest delete...
Insolvency resolution plan's loan assignment between approving and dissenting creditors: post-approval redistribution blocked; original distribution e...
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Rule 86A permits revenue authorities to withhold use of amounts in an electronic credit ledger where there are recorded reasons to believe input tax credit was fraudulently availed or is ineligible; the withholding is an interim protective measure pending adjudication. The Proper Officer cannot refuse to adjudicate the alleged ineligibility or fraud; failure to initiate adjudication while maintaining a ledger block is impermissible. The court directed the Proper Officer to issue show cause notices and commence adjudication within one week, and ordered that the ledger must be unblocked if adjudication is not concluded within the period fixed by the court.
Rule 86A permits revenue authorities to withhold use of amounts in an electronic credit ledger where there are recorded reasons to believe input tax credit was fraudulently availed or is ineligible; the withholding is an interim protective measure pending adjudication. The Proper Officer cannot refuse to adjudicate the alleged ineligibility or fraud; failure to initiate adjudication while maintaining a ledger block is impermissible. The court directed the Proper Officer to issue show cause notices and commence adjudication within one week, and ordered that the ledger must be unblocked if adjudication is not concluded within the period fixed by the court.
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