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...
The Punjab and Haryana High Court addressed the denial of refund of excess tax paid by contractors under the Haryana Alternative Tax Compliance Scheme for Contractors, 2016. The court examined the Constitutional Validity of Clause 4(2) of the scheme and found that it created unjust enrichment in favor of the Revenue, disadvantaging contractors who had been regularly paying taxes. Referring to CORPORATION BANK VERSUS SARASWATI ABHARANSALA, the court emphasized that excess tax must be refunded unless it involves unjust enrichment. The court quashed the orders denying refund, ruling in favor of the petitioners and directing payment of refund with interest within four weeks, with additional interest at 9% if delayed. Petition allowed.
The Punjab and Haryana High Court addressed the denial of refund of excess tax paid by contractors under the Haryana Alternative Tax Compliance Scheme for Contractors, 2016. The court examined the Constitutional Validity of Clause 4(2) of the scheme and found that it created unjust enrichment in favor of the Revenue, disadvantaging contractors who had been regularly paying taxes. Referring to CORPORATION BANK VERSUS SARASWATI ABHARANSALA, the court emphasized that excess tax must be refunded unless it involves unjust enrichment. The court quashed the orders denying refund, ruling in favor of the petitioners and directing payment of refund with interest within four weeks, with additional interest at 9% if delayed. Petition allowed.
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TaxTMI 
TaxTMI 
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