Once the reassessment was quashed for jurisdictional and limitation defects, the Revenues appeal on merits became infructuous. The decision underscores the primacy of legal compliance in reassessment cases.
ICSI constituted Jabalpur (WIRC) and Rewari (NIRC) as new Evolving Chapters under 2024 guidelines to expand outreach, training and engagement.
The Council approved a comprehensive action plan focused on restructuring, governance reforms, and stakeholder engagement. The key takeaway is a roadmap for institutional transformation over the next five years.
The ROC held that inability to produce the Register of Members amounts to a clear violation of Section 88, attracting a mandatory penalty despite historical circumstances.
The Tribunal clarified that section 292BB only cures defects in service of notice, not complete absence of a valid jurisdictional notice. Participation in proceedings cannot validate an assessment initiated by an incompetent authority.
The Revenue alleged unexplained cash credits despite documentary evidence. The Tribunal ruled that once loans are repaid with interest and TDS, Section 68 cannot be invoked in isolation.
The compliance framework outlines layered regulatory obligations for NBFCs based on systemic importance. It highlights key filings and timelines essential for regulatory adherence.
Explains how GST law distinguishes detention under Section 129 from confiscation under Section 130, highlighting when authorities can legally invoke each provision.
The Supreme Court stayed GST proceedings after finding the show cause notice under Section 74 contained only figures without explaining fraud or suppression. The ruling stresses that detailed allegations are mandatory to invoke extended limitation.
The authority held that non-maintenance of statutory minutes attracts a fixed penalty even if records were destroyed due to unforeseen events. Flood damage was treated as mitigation, not a defence to statutory liability.
