Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
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The High Court held that the respondents are liable to pay interest on the delayed disbursal of refund u/s 27A of the Customs Act, 1962. The Court clarified that the observation of the amount not being duty was misinterpreted and should be understood in the context that the amount mistakenly deposited could never have been retained by the Customs authorities. The restitutory element of interest was acknowledged as a normal relief in restitution, not controlled by the Interest Acts. The respondents are liable to pay interest from the date of the original application on 24 June 2016 until 29 November 2018 when refunds were ultimately effected. The petition was allowed.
The High Court held that the respondents are liable to pay interest on the delayed disbursal of refund u/s 27A of the Customs Act, 1962. The Court clarified that the observation of the amount not being duty was misinterpreted and should be understood in the context that the amount mistakenly deposited could never have been retained by the Customs authorities. The restitutory element of interest was acknowledged as a normal relief in restitution, not controlled by the Interest Acts. The respondents are liable to pay interest from the date of the original application on 24 June 2016 until 29 November 2018 when refunds were ultimately effected. The petition was allowed.
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