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 High Court considered a case involving the refund of excise duty paid by a company and the principles of unjust enrichment. The issue was whether the company successfully proved that the duty incidence was not passed on to the buyer. Despite the company's arguments, the court found that the duty had indeed been recovered from the customer. The court rejected the reliance on a certificate issued by a Chartered Accountant, stating it contradicted the invoices. The court upheld the decision to credit the refund amount to the consumer welfare fund to prevent unjust enrichment. The court referenced a similar case where a certificate from a Chartered Accountant was disbelieved. Ultimately, the appeal was dismissed.
The High Court considered a case involving the refund of excise duty paid by a company and the principles of unjust enrichment. The issue was whether the company successfully proved that the duty incidence was not passed on to the buyer. Despite the company's arguments, the court found that the duty had indeed been recovered from the customer. The court rejected the reliance on a certificate issued by a Chartered Accountant, stating it contradicted the invoices. The court upheld the decision to credit the refund amount to the consumer welfare fund to prevent unjust enrichment. The court referenced a similar case where a certificate from a Chartered Accountant was disbelieved. Ultimately, the appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
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