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...
Where an income-tax refund is due and adjustment against an outstanding demand is proposed under section 245 of the Income-tax Act, 1961, the tax department may retain only the amount proposed for adjustment or withholding. It must promptly release the balance refund, without prejudicing either party's right to challenge the legality of the outstanding demand or the proposed adjustment. The balance refund was directed to be credited within the stipulated period; failure to do so would attract interest at the rate directed by the High Court.
Where an income-tax refund is due and adjustment against an outstanding demand is proposed under section 245 of the Income-tax Act, 1961, the tax department may retain only the amount proposed for adjustment or withholding. It must promptly release the balance refund, without prejudicing either party's right to challenge the legality of the outstanding demand or the proposed adjustment. The balance refund was directed to be credited within the stipulated period; failure to do so would attract interest at the rate directed by the High Court.
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