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...
The High Court held that the amounts deposited during the investigation and pending adjudication under the Customs Act, 1962 must be refunded to the assessee, along with statutory interest, as the adjudicatory process ultimately ended in favor of the assessee. There is no legal justification for the respondents to continue retaining the amounts deposited under protest by the petitioners during the course of investigation. The respondents are directed to refund the amount of INR 1,50,00,000/- forthwith, accompanied by statutory interest payable under the Act till the date of actual disbursement.
The High Court held that the amounts deposited during the investigation and pending adjudication under the Customs Act, 1962 must be refunded to the assessee, along with statutory interest, as the adjudicatory process ultimately ended in favor of the assessee. There is no legal justification for the respondents to continue retaining the amounts deposited under protest by the petitioners during the course of investigation. The respondents are directed to refund the amount of INR 1,50,00,000/- forthwith, accompanied by statutory interest payable under the Act till the date of actual disbursement.
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TaxTMI 
TaxTMI 
of 4918 
