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...
Non-payment of interest on refund u/s 18(4) of the Customs Act 1962 upon finalization of provisional assessment was challenged. Upon completion of the specified import quantity under the contract, provisional assessments were finalized, and a refund amount was ordered, but no interest was paid on the delayed refund payment, which is payable u/s 18(4) read with Section 27A. The Tribunal held that upon finalization of provisional assessment, if a refund is liable, it must be paid within 3 months from the final assessment date. Any delay in refund payment beyond 3 months attracts interest liability, irrespective of filing a refund application. Accordingly, the department was liable to pay interest for the delay in refund payment beyond 3 months from the final assessment date. The appeal was allowed.
Non-payment of interest on refund u/s 18(4) of the Customs Act 1962 upon finalization of provisional assessment was challenged. Upon completion of the specified import quantity under the contract, provisional assessments were finalized, and a refund amount was ordered, but no interest was paid on the delayed refund payment, which is payable u/s 18(4) read with Section 27A. The Tribunal held that upon finalization of provisional assessment, if a refund is liable, it must be paid within 3 months from the final assessment date. Any delay in refund payment beyond 3 months attracts interest liability, irrespective of filing a refund application. Accordingly, the department was liable to pay interest for the delay in refund payment beyond 3 months from the final assessment date. The appeal was allowed.
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