Courts differ on validity of multi-year GST SCNs under Sections 73 and 74. Issue referred to larger bench; legal position remains unsettled.
The Tribunal held that reassessment proceedings were invalid as approval was taken from the wrong authority beyond three years. It ruled that such non-compliance with Section 151(ii) vitiates jurisdiction and renders the notice void.
The amendment introduces a new category of IFSC-based LLPs with specific regulatory provisions. It enables foreign currency operations and aligns LLPs with global financial practices.
The issue is whether high-income earners can reduce tax liability under the old regime. The analysis shows that structured allowances and deductions can bring taxable income to zero.
The Court examined whether successive review petitions were maintainable. It held that without new evidence or error apparent, a second review is impermissible and restored the original judgment.
The court examined whether interest on FDRs could be taxed as other income. It held that where funds are linked to a project, the interest retains its project nexus and is not separately taxable.
The court examined whether interest on share capital parked temporarily could be taxed. It held that where funds are directly linked to project setup, the interest is a capital receipt and not taxable as other income.
The Court examined whether review jurisdiction permits re-evaluation of evidence. It held that such reappreciation is impermissible and restored the original writ judgment.
The Court examined whether review powers were properly exercised. It held that the High Court exceeded its jurisdiction by re-evaluating evidence, restoring the original findings.
The Court examined whether tax authorities can issue a single order for multiple years. It held that composite orders are invalid and directed separate orders for each year.
