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...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
The case involved a dispute over the refund of a cash security deposit u/s 27 of the Customs Act, 1962. The Appellate Tribunal held that the rejection of the refund on the grounds of time limitation u/s 27 was incorrect. The deposit was made as security for provisional assessment by the Special Valuation Branch (SVB). Once the SVB accepted the declared value, the security became refundable. Rule 18(2) states that any excess amount paid by the appellant should be refunded upon finalization of assessment within three months u/s 18(4). Section 18(5) is independent of Section 27. The impugned order wrongly applied the limitation u/s 27, whereas the refund should have been processed u/s 18(4). The appeal was allowed.
The case involved a dispute over the refund of a cash security deposit u/s 27 of the Customs Act, 1962. The Appellate Tribunal held that the rejection of the refund on the grounds of time limitation u/s 27 was incorrect. The deposit was made as security for provisional assessment by the Special Valuation Branch (SVB). Once the SVB accepted the declared value, the security became refundable. Rule 18(2) states that any excess amount paid by the appellant should be refunded upon finalization of assessment within three months u/s 18(4). Section 18(5) is independent of Section 27. The impugned order wrongly applied the limitation u/s 27, whereas the refund should have been processed u/s 18(4). The appeal was allowed.
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TaxTMI 
TaxTMI 
of 4918 
