Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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CESTAT held that Section 11B(2)(c) and (d) do not provide for refund of unutilized cenvat credit upon factory closure. Rule 5 of Cenvat Credit Rules, 2004 permits refund only for export-related scenarios, not for manufacturing cessation. The appellant's contentions were rejected, finding no statutory basis for cash refund of accumulated credit. The tribunal emphasized that equitable considerations cannot override explicit statutory provisions. Despite potential financial hardship, the claim was deemed untenable as the regulations do not permit such refunds. Consequently, the appeal was dismissed, reinforcing a strict interpretation of tax credit refund regulations.
CESTAT held that Section 11B(2)(c) and (d) do not provide for refund of unutilized cenvat credit upon factory closure. Rule 5 of Cenvat Credit Rules, 2004 permits refund only for export-related scenarios, not for manufacturing cessation. The appellant's contentions were rejected, finding no statutory basis for cash refund of accumulated credit. The tribunal emphasized that equitable considerations cannot override explicit statutory provisions. Despite potential financial hardship, the claim was deemed untenable as the regulations do not permit such refunds. Consequently, the appeal was dismissed, reinforcing a strict interpretation of tax credit refund regulations.
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