GST turnover reconciliation prevents gross-profit additions where duplicate reporting, rather than off-book sales, explains the reported turnover diff...
Mandatory limitation for final assessments runs from electronic directions under the special statutory timeline, overriding general assessment time li...
Managing director performance commission qualifies as deductible remuneration where it reflects services, salary taxation, declared dividends, and con...
Refund adjustment against disputed tax demand is governed by binding recovery instructions and requires prior intimation. Where no stay was sought from the competent authority at the time of the initial adjustment, the recovery instructions did not support a refund claim, and refund of that amount was declined despite the lack of pre-adjustment opportunity. Conversely, adjustment made while stay applications and a representation to suspend recovery remained pending, after substantial recovery, constituted a colourable exercise of power. Failure to provide the required refund-adjustment intimation reinforced the defect; the later amount was refundable with applicable interest, while the statutory appeal required expedited disposal.
Refund adjustment against disputed tax demand is governed by binding recovery instructions and requires prior intimation. Where no stay was sought from the competent authority at the time of the initial adjustment, the recovery instructions did not support a refund claim, and refund of that amount was declined despite the lack of pre-adjustment opportunity. Conversely, adjustment made while stay applications and a representation to suspend recovery remained pending, after substantial recovery, constituted a colourable exercise of power. Failure to provide the required refund-adjustment intimation reinforced the defect; the later amount was refundable with applicable interest, while the statutory appeal required expedited disposal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4935 
