Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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HC upheld the refund claim, ruling that the tax department cannot withhold the refund based solely on Section 54(11) opinion when no appeal challenges the Appellate Authority's order. The court emphasized that in the absence of a stay or pending review, the refund must be processed. The decision aligns with precedent that an administrative opinion cannot override a valid appellate order, particularly when no legal challenge exists. The refund shall be processed with potential interest for delayed payment, with the understanding that any future successful appeal would retrospectively bind the parties.
HC upheld the refund claim, ruling that the tax department cannot withhold the refund based solely on Section 54(11) opinion when no appeal challenges the Appellate Authority's order. The court emphasized that in the absence of a stay or pending review, the refund must be processed. The decision aligns with precedent that an administrative opinion cannot override a valid appellate order, particularly when no legal challenge exists. The refund shall be processed with potential interest for delayed payment, with the understanding that any future successful appeal would retrospectively bind the parties.
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