The Court held that a buyer cannot be saddled with purchase tax merely because the seller failed to remit tax when the transaction was otherwise taxable at the seller’s end.
Calcutta High Court held that marking of company with ‘management dispute’ by ROC has nothing to do with transaction of the company with its banker. Hence, freezing of bank account based on the same is unlawful.
The tribunal rejected duty demands after finding no evidence of circular trading or overvaluation. Valid licences and verified exports were held sufficient to defeat the Revenue’s case.
This explains the legal and strategic differences between ESOPs and Sweat Equity. The key takeaway is that ESOPs suit long-term retention, while Sweat Equity fits exceptional, one-time contributions.
The issue is whether unregistered sellers can operate on online marketplaces under GST. The key takeaway is that limited relaxations exist, but only under strict statutory conditions.
The Court held that failure of a creditor to file a return for the relevant year cannot alone justify a Section 68 addition. Once identity and banking trail are proved, the burden on the assessee stands discharged.
The amended Rule 12A replaces annual Director KYC filings with a triennial DIR-3 KYC Web requirement. The key takeaway is reduced routine compliance with stronger focus on verified and updated director data.
CA Final Auditing becomes easier when concepts are understood practically instead of memorised. The key takeaway is to focus on core Standards on Auditing and real-life application.
The Court held that a bona fide purchaser cannot be denied ITC merely because the supplier failed to pay GST. Recovery must be made from the defaulting seller, not the genuine buyer.
Exporters can now procure goods at 0.1% GST and export on IGST payment, enabling optimal use of accumulated ITC. The removal of Rule 96(10) ensures faster refunds and reduced litigation risks.
