The Court ordered adjudication of GST show cause notice on royalty but directed that no recovery be made and implementation be kept in abeyance pending the Supreme Court’s decision.
The Tribunal ruled that exercising an option to convert warrants into shares does not amount to transfer under Section 2(47). Since no consideration was received and shares were not sold, no capital gain arose.
The Tribunal found that denial of foreign tax credit during return processing was improper where Form 67 and the return were filed together. The Assessing Officer was directed to verify and allow credit.
The Tribunal held that the reassessment notice was time-barred under the Supreme Court ruling on surviving period. Notices issued beyond the permissible limit were declared invalid.
Tribunal upheld deletion of unsecured loan addition after finding identity, creditworthiness, and genuineness established through PAN, ITRs, bank statements, and TDS records.
The Tribunal held that deposits received from members of a registered cooperative society cannot be treated as unexplained credits when supported by books and member-wise records.
The Tribunal remanded the matter after noting that expenses already disallowed by the assessee were again disallowed during processing, resulting in double addition. The issue was sent back to the Assessing Officer for fresh consideration.
The High Court set aside the adjudication order for FY 2019-20, holding that the benefit of Circular No.183/15/2022-GST cannot be denied where identical errors exist. Authorities were directed to reconsider the matter under applicable GST Circulars.
Gujarat High Court held that the respondent officer could not have assumed jurisdiction for reopening the assessment since there was nothing which indicate that petitioner has participated knowingly in the sham transaction. Accordingly, order is quashed and set aside.
The High Court revoked cancellation of GST registration after accepting the petitioner’s explanation of financial and health difficulties. However, restoration was made conditional upon filing pending returns and restricting ITC utilization until departmental scrutiny.
