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 set aside the refund rejection order dated 11.3.2024 and allowed the petition. The court held the respondent's rejection constituted jurisdictional error and an impermissible time-barred re-assessment under the Act, noting deemed self-assessment under Section 29(3) and expiry of the five-year assessment period under Section 33. The HC directed respondents to admit and consider the petitioner's statutory VAT audit reports, TDS reconciliation, treasury vouchers, challans and certificates, and to process and grant the refund due for VAT years 2006-07 to 2013-14. The court also recorded that respondents' conduct amounted to vexatious and bad-faith litigation.
The HC set aside the refund rejection order dated 11.3.2024 and allowed the petition. The court held the respondent's rejection constituted jurisdictional error and an impermissible time-barred re-assessment under the Act, noting deemed self-assessment under Section 29(3) and expiry of the five-year assessment period under Section 33. The HC directed respondents to admit and consider the petitioner's statutory VAT audit reports, TDS reconciliation, treasury vouchers, challans and certificates, and to process and grant the refund due for VAT years 2006-07 to 2013-14. The court also recorded that respondents' conduct amounted to vexatious and bad-faith litigation.
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