Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Consolidation of separate tax periods into a single show cause notice under the CGST Act is impermissible: the statutory scheme ties tax liability and assessment to returns for each tax period and the limitation for demand and recovery runs year by year, so aggregating financial years collapses the legislated period-wise structure and prejudices the assessee; accordingly a consolidated notice and order covering multiple financial years were quashed. Allegations of fraudulent availment of input tax credit may extend the limitation window but do not authorize clubbing distinct tax periods into one proceeding; fresh notices may be issued year-wise in accordance with the statute.
Consolidation of separate tax periods into a single show cause notice under the CGST Act is impermissible: the statutory scheme ties tax liability and assessment to returns for each tax period and the limitation for demand and recovery runs year by year, so aggregating financial years collapses the legislated period-wise structure and prejudices the assessee; accordingly a consolidated notice and order covering multiple financial years were quashed. Allegations of fraudulent availment of input tax credit may extend the limitation window but do not authorize clubbing distinct tax periods into one proceeding; fresh notices may be issued year-wise in accordance with the statute.
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