Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
Additional input tax credit benefit under anti-profiteering rules had to be passed on to homebuyers at the time of supply, and the Tribunal accepted the DGAP's revised computation showing that the benefit was not fully transferred. It directed refund of the unpassed amount with interest at 18% per annum from the respective dates of collection until actual repayment, treating retention of the benefit as excess consideration. It also held that penalty under Section 171(3A) applies to contraventions within its operative period, since the alleged profiteering overlapped the commencement date of that provision.
Additional input tax credit benefit under anti-profiteering rules had to be passed on to homebuyers at the time of supply, and the Tribunal accepted the DGAP's revised computation showing that the benefit was not fully transferred. It directed refund of the unpassed amount with interest at 18% per annum from the respective dates of collection until actual repayment, treating retention of the benefit as excess consideration. It also held that penalty under Section 171(3A) applies to contraventions within its operative period, since the alleged profiteering overlapped the commencement date of that provision.
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