Customs Assessment Portal centralises classification and valuation guidance to support consistent, transparent and informed compliance across stakehol...
GST refunds for cancelled air tickets remain available when passenger reimbursements defeat unjust enrichment and credit-note adjustment is unavailabl...
ITAT dismissed revenue's appeals for AY 2017-18 and 2018-19 regarding tax assessment on principal damages and interest additions. While assessee filed Form-1 under DTVSV for both years, the designated authority failed to process them within statutory timeline under Section 92(1). The disputed interest amounts were already declared and taxed in AY 2019-20, evidenced by Form-2. Since tax payment was completed in AY 2019-20 and Form-1 applications for earlier years lapsed due to non-processing within prescribed period, ITAT held revenue's appeals infructuous. The tribunal emphasized that revenue did not controvert assessee's evidence of tax payment or the expiry of Form-1 processing deadline.
ITAT dismissed revenue's appeals for AY 2017-18 and 2018-19 regarding tax assessment on principal damages and interest additions. While assessee filed Form-1 under DTVSV for both years, the designated authority failed to process them within statutory timeline under Section 92(1). The disputed interest amounts were already declared and taxed in AY 2019-20, evidenced by Form-2. Since tax payment was completed in AY 2019-20 and Form-1 applications for earlier years lapsed due to non-processing within prescribed period, ITAT held revenue's appeals infructuous. The tribunal emphasized that revenue did not controvert assessee's evidence of tax payment or the expiry of Form-1 processing deadline.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
