Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
The ITAT Delhi held that interest levied u/s 220(2) on non-payment of FBT demand, adjusted against a refund due, was not justified as no intimation or notice of demand was served on the assessee regarding the FBT liability u/s 115WE. The assessee had deposited the FBT demand suo motu, but it was still recovered from the refund along with interest. The tribunal found that the mere appearance of the demand on the e-filing portal did not absolve the Revenue from properly serving the intimation and demand notice. The Revenue failed to provide evidence of serving the notice. While the assessee had paid the FBT liability, it did not create an interest liability u/s 220(2). The appeal of the assessee was allowed.
The ITAT Delhi held that interest levied u/s 220(2) on non-payment of FBT demand, adjusted against a refund due, was not justified as no intimation or notice of demand was served on the assessee regarding the FBT liability u/s 115WE. The assessee had deposited the FBT demand suo motu, but it was still recovered from the refund along with interest. The tribunal found that the mere appearance of the demand on the e-filing portal did not absolve the Revenue from properly serving the intimation and demand notice. The Revenue failed to provide evidence of serving the notice. While the assessee had paid the FBT liability, it did not create an interest liability u/s 220(2). The appeal of the assessee was allowed.
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