Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
The case involves the adjustment of short-payment of tax with excess payment of service tax on services exported overseas. The appellant sought to adjust an inadmissible credit against the excess service tax paid, but the tribunal held that such adjustment was not permissible as it did not relate to subsequent service tax liabilities. The recovery of the erroneously availed credit was found to be applicable only after the insertion of a recovery provision in the relevant rule. The tribunal also ruled that the invocation of an extended period of limitation by the Department was not justified as they were aware of the issue well within the normal limitation period. As a result, the impugned order was set aside, and the appeal was allowed by the CESTAT.
The case involves the adjustment of short-payment of tax with excess payment of service tax on services exported overseas. The appellant sought to adjust an inadmissible credit against the excess service tax paid, but the tribunal held that such adjustment was not permissible as it did not relate to subsequent service tax liabilities. The recovery of the erroneously availed credit was found to be applicable only after the insertion of a recovery provision in the relevant rule. The tribunal also ruled that the invocation of an extended period of limitation by the Department was not justified as they were aware of the issue well within the normal limitation period. As a result, the impugned order was set aside, and the appeal was allowed by the CESTAT.
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