Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
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The HC quashed the order demanding interest and penalty from the petitioner company on delayed payment of excise duty. The petitioner had voluntarily paid the duty after a Central Government audit. However, the authorities failed to issue a show cause notice and provide an opportunity of hearing to the petitioner before imposing interest and penalty u/ss 11AA and 11AC of the Excise Act. The HC held that a speaking order was required after considering the petitioner's defense on whether the duty payment was actually delayed and if voluntary deposit entitled it to benefit. As the mandatory procedure was not followed, the demand of interest and penalty was unsustainable.
The HC quashed the order demanding interest and penalty from the petitioner company on delayed payment of excise duty. The petitioner had voluntarily paid the duty after a Central Government audit. However, the authorities failed to issue a show cause notice and provide an opportunity of hearing to the petitioner before imposing interest and penalty u/ss 11AA and 11AC of the Excise Act. The HC held that a speaking order was required after considering the petitioner's defense on whether the duty payment was actually delayed and if voluntary deposit entitled it to benefit. As the mandatory procedure was not followed, the demand of interest and penalty was unsustainable.
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