Clubbing of income from gifted property failed where the claim surfaced after reassessment limitation, sustaining capital-gains assessment in spouse's...
Employee stock-option discount qualifies as revenue expenditure, while royalty and service comparables require reliable functional and transactional b...
Special insurance income computation preserves statutory deductions while limiting transfer-pricing, withholding and disallowance adjustments for gene...
Interest on delayed IGST payment under the Advance Authorisation Scheme for the period preceding legislative amendment lacked a specific statutory basis. The applicable High Court view is to be followed under judicial discipline despite contrary Tribunal views and a pending Larger Bench reference. Interest paid without statutory authority is characterised as a deposit rather than duty. Accordingly, the two-year limitation applicable to duty-refund claims does not govern recovery of that deposit.
Interest on delayed IGST payment under the Advance Authorisation Scheme for the period preceding legislative amendment lacked a specific statutory basis. The applicable High Court view is to be followed under judicial discipline despite contrary Tribunal views and a pending Larger Bench reference. Interest paid without statutory authority is characterised as a deposit rather than duty. Accordingly, the two-year limitation applicable to duty-refund claims does not govern recovery of that deposit.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4897 
