Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
This circular clarifies the regularization of refund of IGST availed in contravention of rule 96(10) of Assam GST Rules, 2017, where exporters had imported inputs without paying integrated taxes and compensation cess. Initially, if inputs were imported without IGST and cess by availing exemption notifications, but later the exporter paid these taxes with interest and got the Bill of Entry reassessed, then the IGST paid on exports shall not be considered in contravention of rule 96(10). The explanation inserted in rule 96(10) retrospectively clarifies that exemption benefit is not considered availed if IGST and cess are paid on inputs. Hence, refund of IGST on exports can be regularized in such cases where taxes were subsequently paid on imported inputs.
This circular clarifies the regularization of refund of IGST availed in contravention of rule 96(10) of Assam GST Rules, 2017, where exporters had imported inputs without paying integrated taxes and compensation cess. Initially, if inputs were imported without IGST and cess by availing exemption notifications, but later the exporter paid these taxes with interest and got the Bill of Entry reassessed, then the IGST paid on exports shall not be considered in contravention of rule 96(10). The explanation inserted in rule 96(10) retrospectively clarifies that exemption benefit is not considered availed if IGST and cess are paid on inputs. Hence, refund of IGST on exports can be regularized in such cases where taxes were subsequently paid on imported inputs.
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