Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
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The article explains that the procedural code and 'specified violation' concept in Section 12AB(4) were introduced by the Finance Act, 2022 effective 01.04.2022 and therefore cannot be applied retrospectively; the Principal Commissioner lacked jurisdiction to cancel registration under the amended provision for years before its commencement. Show cause notices and cancellation actions grounded on the post 2022 provision as applied to earlier years are non est and arbitrary, leading to quashing of retrospective cancellation and restoration of the entity's registration.
The article explains that the procedural code and 'specified violation' concept in Section 12AB(4) were introduced by the Finance Act, 2022 effective 01.04.2022 and therefore cannot be applied retrospectively; the Principal Commissioner lacked jurisdiction to cancel registration under the amended provision for years before its commencement. Show cause notices and cancellation actions grounded on the post 2022 provision as applied to earlier years are non est and arbitrary, leading to quashing of retrospective cancellation and restoration of the entity's registration.
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