Withdrawal of obsolete FEMA circulars streamlines rules on external commercial borrowings, non-resident bond investments, and money transfer sub-agent...
Departmental appeal limitation after call-book recall preserves original filing, while documented correlation supports SAD refund on imported granules...
Income-tax prosecution fails when appellate remand removes its factual foundation; directors require company arraignment for vicarious criminal liabil...
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Return filed in response to a reassessment notice may be treated as a regular return where delayed filing was bona fide because an advance-ruling application on the taxability of the sole transaction remained pending. Credit of tax deducted at source and other prepaid taxes must be allowed against the assessed demand; once such adjustment is permissible, excess prepaid tax cannot be denied as a refund without statutory basis. Fresh assessment must verify the prepaid-tax credits, grant any resulting refund with applicable interest, and may entail fresh penalty proceedings where warranted.
Return filed in response to a reassessment notice may be treated as a regular return where delayed filing was bona fide because an advance-ruling application on the taxability of the sole transaction remained pending. Credit of tax deducted at source and other prepaid taxes must be allowed against the assessed demand; once such adjustment is permissible, excess prepaid tax cannot be denied as a refund without statutory basis. Fresh assessment must verify the prepaid-tax credits, grant any resulting refund with applicable interest, and may entail fresh penalty proceedings where warranted.
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