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...
CESTAT determined appellant's entitlement to statutory interest under Notification No. 25/2003-Cus(N.T.) for delayed refund credit, following precedent set in Ranbaxy Laboratories Ltd. case. While interest was granted as compensatory relief under statutory provisions, additional compensation claim was rejected due to dispute between Resolution Professional and Official Liquidator. Tribunal clarified its limitations as statutory body under Customs Act, 1962, noting inability to grant extra-statutory compensation. Interest payment ordered specifically for delay period in crediting refund amount to appellant's account, with appeal partially allowed. Decision reinforces distinction between statutory interest entitlement and non-statutory compensation claims in customs matters.
CESTAT determined appellant's entitlement to statutory interest under Notification No. 25/2003-Cus(N.T.) for delayed refund credit, following precedent set in Ranbaxy Laboratories Ltd. case. While interest was granted as compensatory relief under statutory provisions, additional compensation claim was rejected due to dispute between Resolution Professional and Official Liquidator. Tribunal clarified its limitations as statutory body under Customs Act, 1962, noting inability to grant extra-statutory compensation. Interest payment ordered specifically for delay period in crediting refund amount to appellant's account, with appeal partially allowed. Decision reinforces distinction between statutory interest entitlement and non-statutory compensation claims in customs matters.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4921 
