Demand by reason of fraud or any wilfull-misstatement or suppression of facts pertaining to the period up to Financial Year 2023-24 [Section 74]

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... here the provisions related to fraud/suppression/mis-statement etc. are invoked. The Section stipulates that where it appears to the proper officer that by reason of fraud/mis-statement/ suppression of facts to evade tax, tax has not been paid or short paid or erroneously refunded, or where input tax credit has been wrongly availed or utilised for, the proper officer shall issue a show cause notic .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Adjudicating order The SCN has to be adjudicated within at period of five years from the due date of filing of annual return for the financial year to which the tax not paid/short paid/ITC wrongly availed or utilised relates to or within five years from the date of erroneous refund. The adjudication proceeding shall be deemed to be concluded, if the order is not issued within 5 year as provided i .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ce. [Section 74(4)] Penalty leviable if proceeding initiated under section 74 Voluntary payment before issuance of notice [ section 74(5 )] The noticee liable to pay tax chargeable along with interest as per section 50 and Penalty equal to 15% of tax chargeable such demand may be as ascertained either on his own or ascertained by the proper officer, and on such payment, no notice shall be issued w .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ment within 30 day of communication of adjudicating order the noticee makes payment of tax along with interest and with penalty equal to 50% of such tax all proceedings in respect of such notice shall be deemed to be concluded. In case make payment of demand order after 30 days of communication of adjudicating order the noticee makes payment of tax along with interest and with penalty equal to 50 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X