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...
HC held that petitioner was entitled to refund of Rs. 3,90,762 representing unadjusted unutilized input tax credit under VAT Act despite not carrying forward such credit under GST regime. Court found that Section 174(2)(c) of GST Act preserved rights acquired under repealed VAT Act. Since mandatory assessment period under Section 34(2) of VAT Act had expired and petitioner proved compliance with disposal requirements under Section 11(3) read with Rule 15(6) of VAT Rules, respondent authority was directed to process refund within twelve weeks. Petition allowed, establishing that failure to transition credit to GST regime does not extinguish entitlement to VAT refund where statutory conditions are satisfied.
HC held that petitioner was entitled to refund of Rs. 3,90,762 representing unadjusted unutilized input tax credit under VAT Act despite not carrying forward such credit under GST regime. Court found that Section 174(2)(c) of GST Act preserved rights acquired under repealed VAT Act. Since mandatory assessment period under Section 34(2) of VAT Act had expired and petitioner proved compliance with disposal requirements under Section 11(3) read with Rule 15(6) of VAT Rules, respondent authority was directed to process refund within twelve weeks. Petition allowed, establishing that failure to transition credit to GST regime does not extinguish entitlement to VAT refund where statutory conditions are satisfied.
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