Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
The High Court held that the petitioner was eligible to apply under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, for resolving legacy tax disputes. The scheme aimed to liquidate legacy cases locked in litigation and provide amnesty for those who failed to correctly discharge their tax liability. The circular issued by the Central Board of Indirect Taxes and Customs clarified that in cases where tax was paid by utilizing input tax credit (ITC) and the matter is under dispute, the tax already paid shall be adjusted by the designated committee when determining the final payable amount under the scheme. The court found that the petitioner's case fell under this category, and the revenue was bound to adjust the ITC claimed by the petitioner, leaving the balance tax payable as nil. Consequently, the High Court directed the revenue authorities to issue the discharge certificate (SVLDRS-4) within four weeks.
The High Court held that the petitioner was eligible to apply under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, for resolving legacy tax disputes. The scheme aimed to liquidate legacy cases locked in litigation and provide amnesty for those who failed to correctly discharge their tax liability. The circular issued by the Central Board of Indirect Taxes and Customs clarified that in cases where tax was paid by utilizing input tax credit (ITC) and the matter is under dispute, the tax already paid shall be adjusted by the designated committee when determining the final payable amount under the scheme. The court found that the petitioner's case fell under this category, and the revenue was bound to adjust the ITC claimed by the petitioner, leaving the balance tax payable as nil. Consequently, the High Court directed the revenue authorities to issue the discharge certificate (SVLDRS-4) within four weeks.
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