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2024 (9) TMI 882 - HC - GSTSeeking to quash the demand arising out of GST DRC-07 and Order-in-Original - taxability of income from shares - HELD THAT - After going through the records if the income from shares has been excluded by virtue of Circular No.196/08/2023-GST dated 17.07.2023 issued by the Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs GST Policy Wing assessment made thereof by the authority on the basis of the audit report cannot be sustained in the eye of law. More particularly the judgment of the High Court of Karnataka in M/S. YONEX INDIA PRIVATE LIMITED VERSUS UNION OF INDIA STATE OF KARNATAKA COMMISSIONER OF COMMERCIAL TAXES BANGALORE ASSISTANT COMMISSIONER OF COMMERCIAL TAXES (AUDIT 2. 8) BANGALORE 2024 (2) TMI 59 - KARNATAKA HIGH COURT is very clear that income from shares is not taxable. The demand arising out of GST DRC-07 and Order- in-Original dated 18.12.2023 under Annexure-10 cannot be sustained in the eye of law. Accordingly the same is liable to be quashed and is hereby quashed. This Court remits the matter to the very same authority to hear the same afresh and pass appropriate order by giving opportunity of hearing to the petitioner. Petition disposed off.
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