Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
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The article addresses consolidation of assessment periods under the GST statutory scheme, holding that tax liability and limitation run year by year tied to returns and that separate limitation timelines apply to each financial year; therefore issuing a single show cause notice aggregating multiple years is impermissible and was quashed. It explains that allegations of fraudulent availment do not create a rule permitting clubbing of distinct tax periods, although fraud affects limitation for the relevant year. The revenue may reissue year wise notices conforming to the statutory periodicity and may revive challenges if controlling precedent is altered by higher courts.
The article addresses consolidation of assessment periods under the GST statutory scheme, holding that tax liability and limitation run year by year tied to returns and that separate limitation timelines apply to each financial year; therefore issuing a single show cause notice aggregating multiple years is impermissible and was quashed. It explains that allegations of fraudulent availment do not create a rule permitting clubbing of distinct tax periods, although fraud affects limitation for the relevant year. The revenue may reissue year wise notices conforming to the statutory periodicity and may revive challenges if controlling precedent is altered by higher courts.
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