Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
The Punjab and Haryana High Court addressed the issue of refund of excess Input Tax Credit (ITC) and entitlement to interest on delayed refund. The petitioner's application for refund of excess ITC from 2010-11 to 2013-14 was rejected, directing them to apply from the relevant year. The court held that interest on the refund accrued from the date of the first application (27.11.2020) and should have been paid after sixty days. The subsequent assessment proceedings did not affect the petitioner's right to interest on the accrued amount. The court allowed the petition, directing payment of interest on the refunded amount.
The Punjab and Haryana High Court addressed the issue of refund of excess Input Tax Credit (ITC) and entitlement to interest on delayed refund. The petitioner's application for refund of excess ITC from 2010-11 to 2013-14 was rejected, directing them to apply from the relevant year. The court held that interest on the refund accrued from the date of the first application (27.11.2020) and should have been paid after sixty days. The subsequent assessment proceedings did not affect the petitioner's right to interest on the accrued amount. The court allowed the petition, directing payment of interest on the refunded amount.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
