Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The appellant reversed CENVAT credit under Rule 3(5B) of the CENVAT Credit Rules, 2004, upon writing off the value of capital goods in their books. The demand for interest and penalty for the period prior to 01.03.2013 was held unsustainable, as the recovery provision was introduced only from that date and cannot be applied retrospectively. For the period after 01.03.2013, interest was not payable since the appellant had adequate CENVAT credit balance to meet the reversal liability, and interest is only due when credit is wrongly availed and utilized. Consequently, the penalty imposed for non-payment of interest was also set aside. The appellate authority set aside the impugned order and allowed the appeal, holding that the appellant is not liable for interest or penalty on the reversal of CENVAT credit under Rule 3(5B).
The appellant reversed CENVAT credit under Rule 3(5B) of the CENVAT Credit Rules, 2004, upon writing off the value of capital goods in their books. The demand for interest and penalty for the period prior to 01.03.2013 was held unsustainable, as the recovery provision was introduced only from that date and cannot be applied retrospectively. For the period after 01.03.2013, interest was not payable since the appellant had adequate CENVAT credit balance to meet the reversal liability, and interest is only due when credit is wrongly availed and utilized. Consequently, the penalty imposed for non-payment of interest was also set aside. The appellate authority set aside the impugned order and allowed the appeal, holding that the appellant is not liable for interest or penalty on the reversal of CENVAT credit under Rule 3(5B).
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