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...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
Section 29(2) of the Limitation Act, 1963 is applicable in relation to the period of limitation under tax laws like the Central Excise Act and the APGST Act. The Supreme Court has held that where the special law restricts the additional period for condonation of delay, it effectively excludes Section 5 of the Limitation Act by necessary implication. Section 107 of the APGST Act prescribes the limitation period for filing appeals and restricts the condonable period to 30 days. Therefore, Section 5 of the Limitation Act stands excluded, and the appellate authority cannot condone delay beyond 30 days u/s 107(4) of the APGST Act. The HC dismissed the petition, upholding the applicability of Section 29(2) and the exclusion of Section 5 in such cases.
Section 29(2) of the Limitation Act, 1963 is applicable in relation to the period of limitation under tax laws like the Central Excise Act and the APGST Act. The Supreme Court has held that where the special law restricts the additional period for condonation of delay, it effectively excludes Section 5 of the Limitation Act by necessary implication. Section 107 of the APGST Act prescribes the limitation period for filing appeals and restricts the condonable period to 30 days. Therefore, Section 5 of the Limitation Act stands excluded, and the appellate authority cannot condone delay beyond 30 days u/s 107(4) of the APGST Act. The HC dismissed the petition, upholding the applicability of Section 29(2) and the exclusion of Section 5 in such cases.
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