Timing mismatch in income recognition requires verification whether receipts were already taxed in an earlier year; matter remitted for fresh examinat...
FOB transaction value and export incentives: customs valuation cannot override contractual export benefits or support confiscation without valid proof...
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HC allowed the writ petition, setting aside the respondent's order rejecting the petitioner's application to rectify Form-3 under the Direct Tax Vivad Se Vishwas Act, 2020. The court interpreted Sections 2(j), 2(o), and 3 of the Act, determining that the petitioner is liable to pay only half the calculated tax amount. The court also clarified that if the petitioner had paid excess tax under the Income Tax Act, 1961, they would be entitled to a refund without interest, subject to the provisions of Section 7 of the Act.
HC allowed the writ petition, setting aside the respondent's order rejecting the petitioner's application to rectify Form-3 under the Direct Tax Vivad Se Vishwas Act, 2020. The court interpreted Sections 2(j), 2(o), and 3 of the Act, determining that the petitioner is liable to pay only half the calculated tax amount. The court also clarified that if the petitioner had paid excess tax under the Income Tax Act, 1961, they would be entitled to a refund without interest, subject to the provisions of Section 7 of the Act.
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