Minimum Public Offer Requirements set tiered issuer-based allotment minima with mandatory staged public shareholding increases and exchange enforcemen...
Disallowance under tax law for investment expenses cannot be applied mechanically; authority must record clear reasons before increasing assessee's su...
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Refund entitlement for zero-rated export services turns on a proper examination of the true nature of the transaction under the governing provisions. The HC held that the adjudicating authority failed to do so and also failed to consider the relevant circular on the effect of non-furnishing of a Letter of Undertaking. It accepted that omission to furnish an LUT/Bond is not an incurable defect and may be considered later for refund purposes. Because the character of the services and the refund claim based on the LUT were not addressed, the adjudication and appellate orders were quashed and the matter was remitted for fresh decision after permitting production of the LUT.
Refund entitlement for zero-rated export services turns on a proper examination of the true nature of the transaction under the governing provisions. The HC held that the adjudicating authority failed to do so and also failed to consider the relevant circular on the effect of non-furnishing of a Letter of Undertaking. It accepted that omission to furnish an LUT/Bond is not an incurable defect and may be considered later for refund purposes. Because the character of the services and the refund claim based on the LUT were not addressed, the adjudication and appellate orders were quashed and the matter was remitted for fresh decision after permitting production of the LUT.
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