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...
HC addressed a dispute regarding surcharge and purchase tax recovery. The court found inherent inconsistency in the State's argument - if surcharge differs from tax, Section 21(7)'s statutory bar against stay of recovery wouldn't apply; conversely, treating surcharge as tax would entitle the petitioner to Rule 15(2)(b) benefits, making recovery challengeable. Given petitioner's status as a Public Sector Undertaking with demonstrable ability to pay if ultimately required, HC granted stay on recovery proceedings pending resolution of Reference Applications before MSTT. The tribunal was directed to expeditiously decide these applications. Balance of convenience favored the petitioner, resulting in temporary suspension of recovery actions until MSTT's final determination.
HC addressed a dispute regarding surcharge and purchase tax recovery. The court found inherent inconsistency in the State's argument - if surcharge differs from tax, Section 21(7)'s statutory bar against stay of recovery wouldn't apply; conversely, treating surcharge as tax would entitle the petitioner to Rule 15(2)(b) benefits, making recovery challengeable. Given petitioner's status as a Public Sector Undertaking with demonstrable ability to pay if ultimately required, HC granted stay on recovery proceedings pending resolution of Reference Applications before MSTT. The tribunal was directed to expeditiously decide these applications. Balance of convenience favored the petitioner, resulting in temporary suspension of recovery actions until MSTT's final determination.
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TaxTMI 
TaxTMI 
of 4918 
