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...
Petitioner paid Rs. 8,46,84,821/- under Settlement Scheme for 2010-2011, against which Respondents recovered Rs. 19,16,74,501/-, resulting in excess collection of Rs. 10,69,89,606/-. Respondents adjusted Petitioner's refund of Rs. 10,69,89,606/- for 2011-2012 against non-existent demand for 2010-2011, without authority. Defect notice u/s 11 of Settlement Scheme was contrary to law as Petitioner made excess payment, not shortfall. Section 18 of Settlement Scheme, prohibiting refund, is inapplicable as Petitioner seeks refund of 2011-2012, not amount paid under Settlement Scheme. HC directed Respondents to refund Rs. 10,69,89,606/- with 6% interest from 1st June 2019 till payment date u/s 52 read with Rule 88 of MVAT Rules.
Petitioner paid Rs. 8,46,84,821/- under Settlement Scheme for 2010-2011, against which Respondents recovered Rs. 19,16,74,501/-, resulting in excess collection of Rs. 10,69,89,606/-. Respondents adjusted Petitioner's refund of Rs. 10,69,89,606/- for 2011-2012 against non-existent demand for 2010-2011, without authority. Defect notice u/s 11 of Settlement Scheme was contrary to law as Petitioner made excess payment, not shortfall. Section 18 of Settlement Scheme, prohibiting refund, is inapplicable as Petitioner seeks refund of 2011-2012, not amount paid under Settlement Scheme. HC directed Respondents to refund Rs. 10,69,89,606/- with 6% interest from 1st June 2019 till payment date u/s 52 read with Rule 88 of MVAT Rules.
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TaxTMI 
TaxTMI 
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