Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
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Section 74 of the GST Act cannot be invoked without material showing fraud, wilful misstatement or suppression with intent to evade tax; where the taxpayer reversed the disputed input tax credit before notice and the Revenue showed no conscious involvement in any fraudulent arrangement, the proceedings were held unsustainable. Interest under Section 50 was also refused because wrongly availed credit had been reversed before the show cause notice and the Electronic Credit Ledger retained surplus balance, so utilisation was not established. A further demand and penalty on the same reversal was treated as double taxation and beyond jurisdiction, and the impugned orders were quashed.
Section 74 of the GST Act cannot be invoked without material showing fraud, wilful misstatement or suppression with intent to evade tax; where the taxpayer reversed the disputed input tax credit before notice and the Revenue showed no conscious involvement in any fraudulent arrangement, the proceedings were held unsustainable. Interest under Section 50 was also refused because wrongly availed credit had been reversed before the show cause notice and the Electronic Credit Ledger retained surplus balance, so utilisation was not established. A further demand and penalty on the same reversal was treated as double taxation and beyond jurisdiction, and the impugned orders were quashed.
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