Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
CESTAT addressed a service tax refund claim by SIPCOT, which was filed 31 days beyond the statutory time limit under Section 104 of the Finance Act, 1994. The tribunal upheld the refund rejection, finding that the time limitation is mandatory and cannot be interpreted as directory. Despite arguments about mistake and limitation period, the tribunal emphasized that the Finance Act is a self-contained code, and the Limitation Act does not apply. The refund claim was deemed time-barred as it was filed on 31.10.2017, beyond the 30.09.2017 deadline. Consequently, the appeal was rejected, confirming the original order's validity and maintaining the strict interpretation of procedural timelines in tax refund applications.
CESTAT addressed a service tax refund claim by SIPCOT, which was filed 31 days beyond the statutory time limit under Section 104 of the Finance Act, 1994. The tribunal upheld the refund rejection, finding that the time limitation is mandatory and cannot be interpreted as directory. Despite arguments about mistake and limitation period, the tribunal emphasized that the Finance Act is a self-contained code, and the Limitation Act does not apply. The refund claim was deemed time-barred as it was filed on 31.10.2017, beyond the 30.09.2017 deadline. Consequently, the appeal was rejected, confirming the original order's validity and maintaining the strict interpretation of procedural timelines in tax refund applications.
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