Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
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The case pertains to the refund claims of service tax paid under the Reverse Charge Mechanism (RCM) due to a misconception or mistake of law. The tribunal held that there was a categorical provision requiring payment of service tax under RCM in a particular situation. The appellant interpreted their liability correctly and discharged the same under RCM basis. It was not a mistake of law but a mistake of fact, as they were informed about the payment of 100% tax liability later on, leading to double payment due to communication gap or reconciliation of accounts. The refund claim, regardless of the nature, has to be within the statutory provisions governing refund, including limitation periods. The authorities, being creatures of the statute, have to operate within its purview and cannot allow refunds outside the statutory limitations. Since the refund claims were filed beyond the expiry of the time limit, their rejection on this ground was upheld by the tribunal.
The case pertains to the refund claims of service tax paid under the Reverse Charge Mechanism (RCM) due to a misconception or mistake of law. The tribunal held that there was a categorical provision requiring payment of service tax under RCM in a particular situation. The appellant interpreted their liability correctly and discharged the same under RCM basis. It was not a mistake of law but a mistake of fact, as they were informed about the payment of 100% tax liability later on, leading to double payment due to communication gap or reconciliation of accounts. The refund claim, regardless of the nature, has to be within the statutory provisions governing refund, including limitation periods. The authorities, being creatures of the statute, have to operate within its purview and cannot allow refunds outside the statutory limitations. Since the refund claims were filed beyond the expiry of the time limit, their rejection on this ground was upheld by the tribunal.
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