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...
ITAT ruled in favor of the taxpayer regarding interest payment under s.244A on tax refund following cancellation of an unregistered Joint Development Agreement (JDA). The tribunal rejected the revenue's contention that delay in claiming refund was attributable to the taxpayer's conduct. ITAT held that since the unregistered JDA was legally unenforceable as per SC precedent, the original capital gains tax payment arose from a mistake of fact/law. The State cannot be unjustly enriched from an event with no legal standing. The tribunal directed payment of interest from the date of self-assessment tax payment, noting the property was eventually sold to another party with capital gains properly assessed in AY 2019-20.
ITAT ruled in favor of the taxpayer regarding interest payment under s.244A on tax refund following cancellation of an unregistered Joint Development Agreement (JDA). The tribunal rejected the revenue's contention that delay in claiming refund was attributable to the taxpayer's conduct. ITAT held that since the unregistered JDA was legally unenforceable as per SC precedent, the original capital gains tax payment arose from a mistake of fact/law. The State cannot be unjustly enriched from an event with no legal standing. The tribunal directed payment of interest from the date of self-assessment tax payment, noting the property was eventually sold to another party with capital gains properly assessed in AY 2019-20.
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