Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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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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