Jurisdictional sanction requirements bar reassessment when approval comes from an authority lacking statutory competence under the applicable framewor...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure addit...
Sufficient cause for delayed income-tax appeals requires bona fide diligence; unsubstantiated counsel illness and assessee inaction defeat condonation...
TNMM Segmentation Limits Transfer-Pricing Adjustments to Associated-Enterprise Transactions and Requires Turnover-Based Comparable Selection for IT Se...
Internal TNMM supports deletion of freight-forwarding adjustments where comparable non-AE transactions are separately identifiable and materially simi...
The HC allowed the petition and quashed the impugned order dated 07.10.2024 insofar as it denied interest on excess excise duty of Rs. 8,75,461, holding the collection and retention of the amount by the respondents was without lawful authority. The court directed respondents to refund Rs. 8,75,461 with interest at 12% per annum, calculated from the date of actual payment of each installment of the excess duty until the date of refund, reasoning that the State cannot retain taxpayer funds and is under a statutory obligation to restitute with compensation for use. Payment of the interest amount is ordered to be made within six weeks. Petition allowed.
The HC allowed the petition and quashed the impugned order dated 07.10.2024 insofar as it denied interest on excess excise duty of Rs. 8,75,461, holding the collection and retention of the amount by the respondents was without lawful authority. The court directed respondents to refund Rs. 8,75,461 with interest at 12% per annum, calculated from the date of actual payment of each installment of the excess duty until the date of refund, reasoning that the State cannot retain taxpayer funds and is under a statutory obligation to restitute with compensation for use. Payment of the interest amount is ordered to be made within six weeks. Petition allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
