The law mandates strict adherence to the notice’s grounds and amounts. Any enhancement or new basis at adjudication violates natural justice and the CGST Act.
Expanded grounds for cancellation now include legal non-compliance and incorrect disclosures. Trusts must treat accuracy and governance as mission-critical.
Objects benefiting specific communities or allowing overseas application of funds invite rejection. The ruling focus is on deed language, not intent.
The order clarifies that filing an incorrect statutory e-form attracts penalties even if the mistake is later admitted and rectified. Administrative correction does not erase the original contravention under the Companies Act.
The Tribunal examined whether a single, consolidated satisfaction note for multiple assessment years meets the requirement of Section 153C. It held that such consolidated recording vitiates jurisdiction, rendering the search assessments void.
The issue is high liquidity and funding costs under gross settlement for FPIs. The proposal allows limited netting to improve efficiency while preserving market safeguards.
The consultation paper suggests centralising supplementary KYC data at KRAs to avoid repetitive submissions. The key takeaway is improved KYC portability and faster account opening across intermediaries.
The Tribunal upheld additions in search assessments where seized material and settled precedent supported the Revenue’s case. The ruling clarifies that group-level incriminating evidence can justify section 153A additions.
The issue was whether a penalty can survive when the show cause notice fails to specify the exact charge. ITAT held that a vague notice violates law, making the entire penalty unsustainable.
The law taxes business/professional benefits via 10% TDS, even for non-cash perks. The key takeaway is tax must be ensured before releasing the benefit.
