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...
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Cancellation of GST registration was invalid because the proper officer failed to record reasons in the prescribed Form GST REG-19 and passed a non-speaking order without application of mind. The Court held that cancellation entails adverse civil consequences, so a speaking order is mandatory even if the taxpayer did not reply to the show cause notice or appear. Recording reasons was treated as part of fair procedure and a safeguard against arbitrary exercise of power. The cancellation order was set aside, and the matter was restored to the show cause notice stage with liberty to the taxpayer to reply or regularise the default, after which the officer must proceed afresh in accordance with law.
Cancellation of GST registration was invalid because the proper officer failed to record reasons in the prescribed Form GST REG-19 and passed a non-speaking order without application of mind. The Court held that cancellation entails adverse civil consequences, so a speaking order is mandatory even if the taxpayer did not reply to the show cause notice or appear. Recording reasons was treated as part of fair procedure and a safeguard against arbitrary exercise of power. The cancellation order was set aside, and the matter was restored to the show cause notice stage with liberty to the taxpayer to reply or regularise the default, after which the officer must proceed afresh in accordance with law.
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