HIGH COURT TELANGANA
Best judgment assessment – Method adopted to be made known to taxpayer
Section 46 of CGST Act / respective SGST Act requires notice to be issued if a person fails to furnish return (GSTR-3B). If return is not filed despite such notice, then the proper officer may determine tax liability according to the best of judgment taking into account relevant material.
In this case the petitioner was aggrieved over best judgment assessment whereby liability of SGST / CGST / IGST was determined at three times the monthly average SGST liability.
There was Non-filing of GSTR-3B but petitioner challenged Method of assessment under the best judgment assessment where demand of tax three times the monthly average along with levy of penalty.
Held:
Though the assessing officer is entitled to do best judgment in the absence of filing of GSTR-3B but the method adopted in multiplying by three times the average monthly SGST tax to determine the tax liability is arbitrary and not based on any principle - further, 100% penalty has been levied without indicating under which provision of the Act the same has been levied
The impugned order prima facie being arbitrary and contrary to the provisions of the Act is set aside - the matter is remitted back to the respondent for fresh consideration
M/s GOLDEN MESH INDUSTRIES vs ASSISTANT COMMISSIONER (STATE TAX)
2021-VIL-396-TEL
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👉🏻World Bank approves 500 million dollar program to help boost India's MSME sector*
(The USD 500 million Raising and Accelerating Micro, Small and Medium Enterprise (MSME) Performance (RAMP) Program is the World Bank's second intervention in this sector)
👇🏻 👇🏻 👇🏻
https://bit.ly/3w21cXx
👉🏻GST Audit by Tax Authorities Under GST Act - How to Handle the Audit
(Types of GST Audit discussed by CA. Ronak Khandelwal)
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https://youtu.be/4oJwnf5LsC8
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E-KNOWLEDGE CAPSULE
✒ Supreme Court held Stop Illegal Adoption Of Children Orphaned By COVID, Public Advertisements For Adoptions Unlawful
✒ Centre Tells Bombay High Court that Near-to-Door Vaccination More Appropriate Than Door-to-Door Vaccination
✒ Supreme Court Adjourns To Friday Life Convict Asaram Bapu's Plea Seeking Suspension Of Sentence For Medical Treatment
✒ Madras High Court Dismisses Plea With 10K Cost Plea Seeking Directions To Officials Not To Disturb Chief Minister On Sundays.
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⚫The Centre has placed advance orders for 250 million Covishield and 190 million Covaxin doses to be supplied between Aug & Dec.
⚫The textile sector’s asset quality slipped as gross NPAs rose to 16.92% in Dec 2020 triggered by the lockdown.
⚫Infosys came under fire from FM as IT filers faced technical hiccups on the new tax e-filing portal, which went live on June 7 night.
⚫The NHAI has generated over 17000 cr through the TOT model. For the most recent 5th bundle of TOT actions, NHAI got bids of over Rs 600 cr more than the reserve price.
⚫India is taking all steps to ensure that the country becomes free of single-use plastic by 2022 as envisioned while launching 'Plastic Hackathon 2021' campaign.
👉🏻NFRA may soon settle disciplinary cases of Auditors
(Settlement of disciplinary matters by NFRA will speed up enforcement and reduce time, said an advisory panel)
👇🏻 👇🏻 👇🏻
https://bit.ly/3gajX5L
👉🏻RBI asks banks not to destroy CCTV recordings of demonetisation period
(RBI asked banks to preserve the CCTV recordings of their branches and currency chests from November 8, 2016, to December 30, 2016, till further orders)
👇🏻 👇🏻 👇🏻
https://bit.ly/3zmeCzR
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