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...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
The CESTAT upheld that denial of refund claims under Rule 5 of the CENVAT Credit Rules, 2004 without initiating proceedings under Rule 14 is impermissible, as observations without Rule 14 proceedings do not constitute denial of credit. The Tribunal relied on precedent affirming that absent Rule 14 action, credits cannot be disallowed. However, since the appellant had already re-credited the disputed amounts, refund of CENVAT credit was denied at this stage. Consequently, the appellant's claim for interest was also rejected due to absence of refund proceedings under Section 11B of the Central Excise Act, 1944, precluding invocation of Section 11BB. The appeal was accordingly dismissed.
The CESTAT upheld that denial of refund claims under Rule 5 of the CENVAT Credit Rules, 2004 without initiating proceedings under Rule 14 is impermissible, as observations without Rule 14 proceedings do not constitute denial of credit. The Tribunal relied on precedent affirming that absent Rule 14 action, credits cannot be disallowed. However, since the appellant had already re-credited the disputed amounts, refund of CENVAT credit was denied at this stage. Consequently, the appellant's claim for interest was also rejected due to absence of refund proceedings under Section 11B of the Central Excise Act, 1944, precluding invocation of Section 11BB. The appeal was accordingly dismissed.
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