Customs Assessment Portal centralises classification and valuation guidance to support consistent, transparent and informed compliance across stakehol...
GST refunds for cancelled air tickets remain available when passenger reimbursements defeat unjust enrichment and credit-note adjustment is unavailabl...
HC held that the period of limitation under Section 153B for assessment orders cannot be automatically excluded when exchange of information occurs. The exclusion is contingent upon a formal reference made strictly in accordance with the Indo-Swiss Double Taxation Avoidance Agreement (DTAA). In this instance, the revenue's request did not comply with Article 14 of the Amending Protocol. Consequently, the court ruled against the revenue, determining that the time taken for obtaining information cannot be unilaterally excluded from the limitation period. The assessment orders were thus challenged, with the legal questions being answered in favor of the assessees and against the revenue's interpretation of procedural limitations.
HC held that the period of limitation under Section 153B for assessment orders cannot be automatically excluded when exchange of information occurs. The exclusion is contingent upon a formal reference made strictly in accordance with the Indo-Swiss Double Taxation Avoidance Agreement (DTAA). In this instance, the revenue's request did not comply with Article 14 of the Amending Protocol. Consequently, the court ruled against the revenue, determining that the time taken for obtaining information cannot be unilaterally excluded from the limitation period. The assessment orders were thus challenged, with the legal questions being answered in favor of the assessees and against the revenue's interpretation of procedural limitations.
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TaxTMI 
TaxTMI 
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