Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
The authorities under the Maharashtra Settlement of Arrears of Taxes Act, 2022 cannot exercise powers granted under the MVAT Act. The Settlement Act is a self-contained code and does not empower authorities to import provisions like Section 50 of the MVAT Act for determining the settlement amount. Adjusting refunds against dues of different years without an order u/s 50 of the MVAT Act is without jurisdiction. In the absence of such an order, invoking review powers u/s 15 of the Settlement Act is unjustified. The impugned review orders adjusting refunds against arrears are quashed, and the refund amount is directed to be credited back with interest within four weeks.
The authorities under the Maharashtra Settlement of Arrears of Taxes Act, 2022 cannot exercise powers granted under the MVAT Act. The Settlement Act is a self-contained code and does not empower authorities to import provisions like Section 50 of the MVAT Act for determining the settlement amount. Adjusting refunds against dues of different years without an order u/s 50 of the MVAT Act is without jurisdiction. In the absence of such an order, invoking review powers u/s 15 of the Settlement Act is unjustified. The impugned review orders adjusting refunds against arrears are quashed, and the refund amount is directed to be credited back with interest within four weeks.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
