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...
Levy of Social Welfare Surcharge (SWS) where basic Customs duty (BCD) is Nil - Revenue submitted that BCD is not nil or exempted but is payable and is debited in the MEIS scrip - The Tribunal extensively referred to previous cases, including the Emami Agro Tech Ltd. case, where it was held that SWS is not payable when the goods are cleared using MEIS scrips. The Tribunal reiterated that the debit of BCD to the scrip is not an actual payment but a notional collection of tax. The Tribunal set aside the impugned order and allowed the appeal, including recredit/refund of SWS paid along with interest as per law.
Levy of Social Welfare Surcharge (SWS) where basic Customs duty (BCD) is Nil - Revenue submitted that BCD is not nil or exempted but is payable and is debited in the MEIS scrip - The Tribunal extensively referred to previous cases, including the Emami Agro Tech Ltd. case, where it was held that SWS is not payable when the goods are cleared using MEIS scrips. The Tribunal reiterated that the debit of BCD to the scrip is not an actual payment but a notional collection of tax. The Tribunal set aside the impugned order and allowed the appeal, including recredit/refund of SWS paid along with interest as per law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
