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...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
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The appellant, a coal handling contractor, was allowed to adjust the excess service tax paid on account of credit notes issued to service receivers for quality and quantity variances of coal handled by them. The Tribunal held that the credit notes were rightly issued against the invoices for handling services, as the deviations in coal quality/quantity were attributable to the handling process under the appellant's responsibility after unloading at the destination port. The reduction of taxable value through credit notes aligned with Section 67 of the Finance Act, 1994, and the excess tax paid was eligible for adjustment against other liabilities u/r 6. The demand raised by the adjudicating authority was set aside as legally and factually incorrect.
The appellant, a coal handling contractor, was allowed to adjust the excess service tax paid on account of credit notes issued to service receivers for quality and quantity variances of coal handled by them. The Tribunal held that the credit notes were rightly issued against the invoices for handling services, as the deviations in coal quality/quantity were attributable to the handling process under the appellant's responsibility after unloading at the destination port. The reduction of taxable value through credit notes aligned with Section 67 of the Finance Act, 1994, and the excess tax paid was eligible for adjustment against other liabilities u/r 6. The demand raised by the adjudicating authority was set aside as legally and factually incorrect.
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