Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
A single show-cause notice or composite assessment order cannot cover more than one tax period under Sections 73 and 74 of the GST Act, 2017. Following its earlier Division Bench view, the HC held that separate proceedings are required for each assessment year once the annual return due date has passed. As the impugned order covered multiple financial years in one proceeding, it was set aside. The Court did not examine the other grounds and left them open. Fresh proceedings may be initiated separately for each assessment year, with exclusion of the intervening period for limitation.
A single show-cause notice or composite assessment order cannot cover more than one tax period under Sections 73 and 74 of the GST Act, 2017. Following its earlier Division Bench view, the HC held that separate proceedings are required for each assessment year once the annual return due date has passed. As the impugned order covered multiple financial years in one proceeding, it was set aside. The Court did not examine the other grounds and left them open. Fresh proceedings may be initiated separately for each assessment year, with exclusion of the intervening period for limitation.
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