Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Section 54(8)(e) of the CGST Act excludes from fund credit any refundable amount that was not passed on by the taxpayer; because the respondent admitted passing the tax burden to consumers, that exception did not apply and the refund could not be paid to consumers under the provision. The High Court nevertheless accepted a taxpayer proposal to deposit the refunded sum into a designated account and seek tariff reductions to benefit consumers-a procedure not provided by Section 54 or its Rules, impracticable to implement and legally impermissible. The High Court order creating this judicially fashioned refund mechanism was set aside.
Section 54(8)(e) of the CGST Act excludes from fund credit any refundable amount that was not passed on by the taxpayer; because the respondent admitted passing the tax burden to consumers, that exception did not apply and the refund could not be paid to consumers under the provision. The High Court nevertheless accepted a taxpayer proposal to deposit the refunded sum into a designated account and seek tariff reductions to benefit consumers-a procedure not provided by Section 54 or its Rules, impracticable to implement and legally impermissible. The High Court order creating this judicially fashioned refund mechanism was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
