Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
Interest on delayed customs refunds of excess duty following reassessment commences after three months from receipt of the refund application, rather than from the later reassessment or refund order. Where the importer pursued reassessment and refund but Revenue delayed action for several years, the delay is attributable to Revenue. Interest was therefore payable from 20.02.2019 until the refund date. The applicable rate was 12 per cent, not 6 per cent, because the refund was withheld through prolonged inaction. The balance interest was required to be paid within eight weeks.
Interest on delayed customs refunds of excess duty following reassessment commences after three months from receipt of the refund application, rather than from the later reassessment or refund order. Where the importer pursued reassessment and refund but Revenue delayed action for several years, the delay is attributable to Revenue. Interest was therefore payable from 20.02.2019 until the refund date. The applicable rate was 12 per cent, not 6 per cent, because the refund was withheld through prolonged inaction. The balance interest was required to be paid within eight weeks.
Note: It is a system-generated summary and is for quick reference only.
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