A practical checklist for reviewing related-party corporate guarantees for GST valuation exposure under Rule 28(2) of the CGST Rules, in light of this cycle’s Gujarat High Court development on retrospective application.
GST Valuation of Corporate Guarantees Under Rule 28(2) — Practical Compliance Guide Read Post »
A practitioner’s explainer on Section 122(1A) of the CGST Act — who counts as “any person” for personal GST fraud penalty liability, how it interacts with a firm’s own penalty, and what evidence establishes individual exposure.
Section 122(1A) CGST Act Explained — Who Is Personally Liable for GST Fraud Penalties Read Post »
Gujarat High Court upholds the constitutional validity of Rule 28(2) of the CGST Rules governing GST valuation of corporate guarantees between related parties, while quashing retrospective demands on guarantees issued before the Rule came into force on 26 October 2023.
Gujarat High Court upholds personal penalties on two partners under Sections 122(1A) and 122(3) of the CGST Act for orchestrating a fake-invoice, fake-e-way-bill, hawala-routed ITC fraud — independent of the firm’s own penalty. *Manoj Ramkishan Agrawal & Anr. v. Union of India & Anr.*
The Calcutta High Court quashes a bank’s SARFAESI Section 13(2) notice, holding that a Cash Credit/Overdraft account cannot be classified as a Non-Performing Asset unless it is actually overdue for more than 90 days or genuinely “out of order.”
ITAT New Delhi holds that a routine, performance-linked subsidy paid by an associated enterprise to compensate a distributor’s losses is operating revenue for transfer pricing purposes, deleting a ₹3.08 crore adjustment against Chanel (India) Pvt. Ltd.
A practical checklist for responding to any GST demand based on an ITC mismatch between GSTR-3B and GSTR-2A, built around CBIC Circular No. 183/15/2022-GST’s mandated verification steps.
ITAT Delhi allows a long-term capital loss on the sale of unlisted company shares, holding that physical (non-demat) transfer of unlisted shares was lawful and that the date consideration was received does not determine the date of transfer.
ITAT New Delhi holds that interest awarded under Section 28 of the Land Acquisition Act, 1894 on compulsorily acquired rural agricultural land — not a “capital asset” under Section 2(14)(iii) — cannot be separately taxed as Income from Other Sources.
The Calcutta High Court sets aside an ex parte GST demand confirmed on an ITC mismatch between GSTR-3B and GSTR-2A without the proper officer first verifying fulfilment of Section 16 conditions as mandated by CBIC Circular No. 183/15/2022-GST.