Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
Tax retained without a show cause notice was treated as illegal ab initio, because the amount had been paid only on departmental direction and no lawful demand or appropriation ever existed. The Tribunal also accepted that the assessee's annual receipts were below the taxable threshold, so no service tax was payable in the first place, and the earlier refusal of refund could not be sustained. Applying Supreme Court principles on delayed refunds, it held that statutory interest could not be postponed to the later refund order and directed interest at 6% per annum from the date of payment until refund, with the Revenue to compute and pay it.
Tax retained without a show cause notice was treated as illegal ab initio, because the amount had been paid only on departmental direction and no lawful demand or appropriation ever existed. The Tribunal also accepted that the assessee's annual receipts were below the taxable threshold, so no service tax was payable in the first place, and the earlier refusal of refund could not be sustained. Applying Supreme Court principles on delayed refunds, it held that statutory interest could not be postponed to the later refund order and directed interest at 6% per annum from the date of payment until refund, with the Revenue to compute and pay it.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
