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...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
HC held that the tax authority improperly issued a show-cause notice demanding reversal of Input Tax Credit (ITC) without considering the petitioner's prior voluntary reversal. The non-speaking order violated principles of natural justice by seeking double recovery of tax. The court remanded the matter, directing the authority to issue a fresh order focusing on potential interest or penalty for late ITC reversal, and provide the petitioner an opportunity to be heard. The order emphasizes procedural fairness and prevents excessive tax recovery, mandating a comprehensive review of actual tax compliance before imposing additional financial burden.
HC held that the tax authority improperly issued a show-cause notice demanding reversal of Input Tax Credit (ITC) without considering the petitioner's prior voluntary reversal. The non-speaking order violated principles of natural justice by seeking double recovery of tax. The court remanded the matter, directing the authority to issue a fresh order focusing on potential interest or penalty for late ITC reversal, and provide the petitioner an opportunity to be heard. The order emphasizes procedural fairness and prevents excessive tax recovery, mandating a comprehensive review of actual tax compliance before imposing additional financial burden.
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