Customs Broker association membership becomes mandatory in the operating jurisdiction, with exclusive membership and limited compliance-time relaxatio...
Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
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The Madras High Court addressed a case involving best judgment assessment due to the petitioner's failure to file GST returns within the prescribed time limit. The court noted that the limitation period for filing returns was extended to 120 days from 30 days, effective from 01.10.2023. However, traders prior to this period were not eligible for the extended timeframe. The petitioner argued that the actual tax liability was Rs. 2 lakhs, paid belatedly in August 2023, while the best judgment amount was Rs. 5 lakhs. The court allowed the petitioner to apply for condonation of delay, showing a sympathetic approach, and disposed of the writ petition accordingly.
The Madras High Court addressed a case involving best judgment assessment due to the petitioner's failure to file GST returns within the prescribed time limit. The court noted that the limitation period for filing returns was extended to 120 days from 30 days, effective from 01.10.2023. However, traders prior to this period were not eligible for the extended timeframe. The petitioner argued that the actual tax liability was Rs. 2 lakhs, paid belatedly in August 2023, while the best judgment amount was Rs. 5 lakhs. The court allowed the petitioner to apply for condonation of delay, showing a sympathetic approach, and disposed of the writ petition accordingly.
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