S. 276B : Offences and prosecutions – Failure to pay to the credit tax deducted at source -Compounding application – Failure to dispose the compounding application by the Principal Commissioner – Directed the Principal Commissioner to dispose the pending compounding application with in the period of three months from to day and not later than 27 th February 2023 . [ S. 204 ,278B ,279(2)), Art , 226 ]
S. 68: Cash credits – Foreign bank deposits – HSBC account – Non -Resident – Merely on the basis of ‘base note’ addition cannot be made in the hands of non -Resident – Deletion of addition is affirmed . [ S. 5(2), 6 , 147, 148]
Central Goods and Service Tax Act , 2017 .
S. 107 : Appeals to Appellate Authority – Certified copy of assessment order – Non submission of certified copy of assessment order while filing the appeal – Technical defect – Writ is allowed- Appellate Authority was directed to dispose of the appeal with reasoned order in accordance with law [ Odisha Goods and Service tax Act, 2017 , S. 107, Limitation Act , 1963 , S .5 , Art , 226 ]
Central Goods and Service Tax Act , 2017 .
S. 16: Input tax credit – Eligibility and conditions for taking input tax credit – Scrutiny of returns – Conversion of partnership firm into Private Limited company – ITC claim made to jurisdictional GST officer in another State should not be rejected due to change in GSTIN as a result of change of partnership in to private limited Company [ S.61, Art , 226 ]
S. 148 : Reassessment –Notice – Reasons recorded not furnished – Directions issued to Department to furnish the reasons recorded [ S. 147, Art , 226 ]
S. 147 : Reassessment –With in four years- Reason must be based on tangible material —Change of opinion -Assessment order did not mention these issues not material — Reasons cannot be improved or supplemented or substituted by affidavit or oral submissions- Notices and order rejecting objections quashed and set aside .[ 142(1), 143(2), 148 , Art , 226 ]
S. 144C: Reference to dispute resolution panel – Transfer pricing – No variation in Arm’s Length Price – Barred by limitation – No draft order as assessee is not an “eligible assessee” – Draft order and final assessment order is quashed. [ S.92CA(3), 144C(15)(b) ]
S. 145 : Method of accounting –Project competition method – Development agreement – Stock in trade – Advances received by an assessee landlord who has converted land in to stock in trade , following project completion method are not taxable on receipt basis [ S. 4 , 28(i), 45 ]
S.43CA: Transfer of assets- other than capital assets- Full value of consideration- stock in trade-Agreement value – Stamp valuation- Proviso to section providing for tolerance limit of 10 percent , being beneficial in nature is , retrospective . [ S.50C ]
S. 271G : Penalty – Documents – International transaction – Transfer pricing – Conduct of Assessee can be considered as a reasonable act of an organization acting with prudence under normal circumstances without negligence or inaction or want of bonafides, hence no penalty u/s 271G can be invoked.