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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Blocking of input tax credit could not be sustained where the impugned action rested solely on cancellation of GST registration and that registration was later restored. Once the cancellation ceased to exist, the foundation for blocking the credit disappeared, and the communication was liable to be withdrawn. The HC therefore quashed the blocking communication and held the petitioner entitled to utilise the input tax credit in accordance with law. Other contentions were not examined on merits and were left open.
Blocking of input tax credit could not be sustained where the impugned action rested solely on cancellation of GST registration and that registration was later restored. Once the cancellation ceased to exist, the foundation for blocking the credit disappeared, and the communication was liable to be withdrawn. The HC therefore quashed the blocking communication and held the petitioner entitled to utilise the input tax credit in accordance with law. Other contentions were not examined on merits and were left open.
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