Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
Interest for delay in payment of Output Tax - return was not declared within the prescribed time - claim of less ITC wrongly however remaining amount was lying in ECRL - The High Court refers to the amendment of Section 50(1) of the CGST Act, which provides that interest would be levied only on the portion of the tax paid by debiting the electronic cash ledger. - The High Court concludes that the notice and impugned order should be set aside and remanded back for reconsideration, taking into consideration the amendment to Section 50(1) and the petitioner's argument regarding the inadvertent mistake.
Interest for delay in payment of Output Tax - return was not declared within the prescribed time - claim of less ITC wrongly however remaining amount was lying in ECRL - The High Court refers to the amendment of Section 50(1) of the CGST Act, which provides that interest would be levied only on the portion of the tax paid by debiting the electronic cash ledger. - The High Court concludes that the notice and impugned order should be set aside and remanded back for reconsideration, taking into consideration the amendment to Section 50(1) and the petitioner's argument regarding the inadvertent mistake.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
