The GST Act mandates strict timelines for issuing show cause notices and assessment orders. SCN under Section 73 or 74 must follow prescribed periods to be valid.
Summarizing IBC Sections 21(6), 21(6A), and 24(5) on financial creditor representation. Covers flexible voting in consortiums, mandatory ARs, and individual professional appointment.
The Gujarat High Court ruled in MC Bauchemie that a discrepancy between E-way bill turnover and GSTR-9 turnover is insufficient alone to invoke GST demand proceedings under Section 73. Authorities must establish fraud, willful misstatement, or suppression to assume jurisdiction.
Pure rights issues to resident shareholders avoid mandatory valuation under the Companies Act and have no escrow requirement, unlike private placements or issues involving non-residents (FEMA).
Understand requirement under Section 62(3) of Companies Act, 2013, for shareholders’ special resolution to approve conversion of loans or debentures into equity.
Rights issue under Companies Act lets shareholders renounce entitlements to outsiders, enabling new investors without triggering preferential allotment rules.
Gifts to a spouse are tax-exempt for the recipient, but Section 64(1)(iv) clubs income from the gifted asset with the transferor’s income. Learn about clubbing rules, second-generation income, and strategies like tax-free investments, joint accounts, and gifts to major children to mitigate tax impact.
Understand Hindu Undivided Family (HUF) tax rules for asset transfers, including gifts from members and non-relatives, and how clubbing provisions affect income.
The Supreme Court affirmed that a promissory note binds the borrower to the full amount acknowledged, even without bank records for cash portions of the loan.
SCNs under Section 74 CGST Act must meet legal conditions. Courts allow dropping if fraud, misstatement, or suppression not proven. Know taxpayer rights.
