Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
CESTAT held that appellants who deposited amounts during investigation prior to show cause notice issuance were entitled to interest on refunded revenue deposits. The amounts constituted revenue deposits rather than duty/tax payments since deposited before show cause notices, which were subsequently quashed under Section 73 of Finance Act, 1994. Retention of such deposits without interest violated Article 265 of Constitution. Commissioner (Appeals) correctly sanctioned refund, with Department not appealing the refund decision. Under Section 11BB and Notification No. 67/2003-CE, appellants entitled to 6% per annum interest on refunded amounts calculated from deposit date until realization. Appeal allowed.
CESTAT held that appellants who deposited amounts during investigation prior to show cause notice issuance were entitled to interest on refunded revenue deposits. The amounts constituted revenue deposits rather than duty/tax payments since deposited before show cause notices, which were subsequently quashed under Section 73 of Finance Act, 1994. Retention of such deposits without interest violated Article 265 of Constitution. Commissioner (Appeals) correctly sanctioned refund, with Department not appealing the refund decision. Under Section 11BB and Notification No. 67/2003-CE, appellants entitled to 6% per annum interest on refunded amounts calculated from deposit date until realization. Appeal allowed.
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