https://www.taxtmi.com/caselaws?id=755769 The Calcutta HC rejected petitioners' prayer for unconditional stay of an arbitral award, finding no merit in allegations of fraud or corruption against the tribunal. The court held that parties had expressly contemplated GST implementation in their Share Purchase Agreement, with Clause 1(B)(c) of Schedule 5 providing for adjustment of tax incentives upon law changes. The HC ruled that withdrawal of exemption notifications under Section 174(2)(c) of CGST Act was statutorily mandated, making estoppel claims meritless. Petitioners were directed to secure the awarded amount - 50% through bank deposit and 50% via bank guarantee within six weeks. en-us Fri, 12 Jul 2024 00:00:00 +0530 Thu, 18 Jul 2024 11:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755769 The Calcutta HC rejected petitioners' prayer for unconditional stay of an arbitral award, finding no merit in allegations of fraud or corruption against the tribunal. The court held that parties had expressly contemplated GST implementation in their Share Purchase Agreement, with Clause 1(B)(c) of Schedule 5 providing for adjustment of tax incentives upon law changes. The HC ruled that withdrawal of exemption notifications under Section 174(2)(c) of CGST Act was statutorily mandated, making estoppel claims meritless. Petitioners were directed to secure the awarded amount - 50% through bank deposit and 50% via bank guarantee within six weeks. Case-Laws GST Fri, 12 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755769