The Tribunal held that mere return mismatch cannot trigger Section 74 without proof of fraud or suppression. Penal proceedings require clear evidence of intent to evade tax.
While the Bharatiya Sakshya Adhiniyam follows the rule that the asserting party must prove its claim, Section 155 of the CGST Act places the burden of proving ITC eligibility on the taxpayer.
The High Court ruled that refund of unutilised ITC on exports cannot be rejected solely due to late LUT submission. Substantive zero-rating benefits prevail over procedural lapses.
Authorities now scrutinize NGO financial statements before granting or renewing registration. Proper documentation and clear charitable application of surplus are critical.
Recent AAR rulings have raised questions on whether ITC on imports is subject to Section 16(4). While one ruling applies the time limit strictly, another highlights structural differences in import transactions.
GST treatment of reimbursements depends on whether the supplier qualifies as a pure agent under Rule 33. Failure to meet conditions can make the entire amount taxable.
The Budget introduces key GST reforms covering post-supply discounts, refunds, intermediary services, and advance ruling appeals. The changes aim to reduce litigation and improve business liquidity.
ITAT rulings clarify that deduction of tax under Section 194J does not automatically classify income as professional income under Section 44ADA.
Amendments redefine collateral, introduce acquisition and bridge finance, and clarify key lending concepts to strengthen credit regulation and risk management.
The new Act adopts a broad definition of income, covering salary, capital gains, perquisites, subsidies, and windfalls, ensuring taxation reflects real financial capacity.
