Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
CESTAT dismissed the appeal regarding entitlement to cash refund of unutilized Cenvat credit. The tribunal held that the appellant could not demonstrate a valid refund claim under the amended Rule 5 of CENVAT Credit Rules, 2004, which narrowed the scope of accumulated credit refunds. Applying the Mischief Rule of statutory interpretation, the tribunal found no legal provision allowing cash refund if the appellant failed to carry forward credit to the GST regime. The decision aligned with precedential rulings, particularly referencing the Bombay HC judgment in Gauri Plasticulture, ultimately rejecting the appellant's claim and dismissing the appeal without merit.
CESTAT dismissed the appeal regarding entitlement to cash refund of unutilized Cenvat credit. The tribunal held that the appellant could not demonstrate a valid refund claim under the amended Rule 5 of CENVAT Credit Rules, 2004, which narrowed the scope of accumulated credit refunds. Applying the Mischief Rule of statutory interpretation, the tribunal found no legal provision allowing cash refund if the appellant failed to carry forward credit to the GST regime. The decision aligned with precedential rulings, particularly referencing the Bombay HC judgment in Gauri Plasticulture, ultimately rejecting the appellant's claim and dismissing the appeal without merit.
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TaxTMI 
TaxTMI 
of 4918 
