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 HC held that Section 28AA of the Customs Act, 1962, which mandates interest payment in cases of unpaid or short-paid duties, does not apply to the surrender of un-utilized MEIS scrips by the petitioner. Since the petitioner's case does not involve any duty default, the levy of interest on surrendered MEIS scrips is not legally sustainable. The impugned demand notices issued by the 6th respondent directing payment of interest were found to be without jurisdiction and contrary to statutory provisions and the relevant public notice. Consequently, the HC quashed the demand letters dated 27.11.2019 and 12.03.2021 and allowed the writ petition, affirming that no interest is payable on the surrender of un-utilized MEIS scrips.
The HC held that Section 28AA of the Customs Act, 1962, which mandates interest payment in cases of unpaid or short-paid duties, does not apply to the surrender of un-utilized MEIS scrips by the petitioner. Since the petitioner's case does not involve any duty default, the levy of interest on surrendered MEIS scrips is not legally sustainable. The impugned demand notices issued by the 6th respondent directing payment of interest were found to be without jurisdiction and contrary to statutory provisions and the relevant public notice. Consequently, the HC quashed the demand letters dated 27.11.2019 and 12.03.2021 and allowed the writ petition, affirming that no interest is payable on the surrender of un-utilized MEIS scrips.
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