In this edition, we bring you, Part II of various shades of draft assessment orders and issue surrounding them. In this piece, we have dealt on the issues namely, can the DRP condone the delay in submission, whether ITAT would have jurisdiction in case DRP rejects the submission because they are filed after time period and what would be the recourse for the assessee in case of non-condonation of delay by DRP?
The next article is on the recent judgment of Honourable Supreme Court in the matter of VKC Footsteps India Private Limited, dealing with vires of Section 54(3) of CT Act and Rule 89(5) of CT Rules. The judgment in a candid way explains that all the ideals that went to formulation of GST laws cannot be read into the statutory provisions and states that it would take time to realise the ideals in the coming periods. Hence, this judgment not only sound in technical sense but also serves as torchlight for the upcoming litigation at various forums.
I hope that you will have good time reading this edition and please do share your feedback. I will also urge clients to mail us topics or issues on which you want us to deliberate in our future editions, so that we can contribute to the same.
Key Topics:
GST
DIRECT TAX
