Money laundering property attachment and third-party encumbrance rights clarified; prior bona fide interests enforceable before confiscation, appeals ...
Profiteering in construction services for failure to pass input tax credit resulted in repayment exceeding the commensurate benefit and closure of pro...
Section 74 proceedings require a clear and express allegation of fraud, wilful misstatement, suppression of facts or intention to evade tax in the show cause notice or order. Mere disclosure of unreported transactions during inspection is insufficient, and the assessee must be specifically put on notice of the offending conduct. Where tax had already been paid before notice and the notice and impugned order contained no such allegation, the proceedings under Section 74 were unsustainable. The impugned orders were set aside and the matter remanded, with liberty to proceed afresh under Section 73 or issue a fresh notice under Section 74 if warranted.
Section 74 proceedings require a clear and express allegation of fraud, wilful misstatement, suppression of facts or intention to evade tax in the show cause notice or order. Mere disclosure of unreported transactions during inspection is insufficient, and the assessee must be specifically put on notice of the offending conduct. Where tax had already been paid before notice and the notice and impugned order contained no such allegation, the proceedings under Section 74 were unsustainable. The impugned orders were set aside and the matter remanded, with liberty to proceed afresh under Section 73 or issue a fresh notice under Section 74 if warranted.
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