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...
CESTAT allowed the appeal and set aside the impugned order, holding that the assessee was entitled to CENVAT credit. The Tribunal found that payment made prior to initiation of proceedings and imposition of only 1% penalty evidenced settlement under Section 73(4A) rather than adjudicated fraud, suppression or wilful misstatement; consequently Rule 9(1)(bb) CCR 2004 did not bar credit. Given that alleged excess credit remained unutilised during the period and no prejudice to the Exchequer was shown, interest could not be demanded and recovery proceedings for interest were dropped. Appeal allowed.
CESTAT allowed the appeal and set aside the impugned order, holding that the assessee was entitled to CENVAT credit. The Tribunal found that payment made prior to initiation of proceedings and imposition of only 1% penalty evidenced settlement under Section 73(4A) rather than adjudicated fraud, suppression or wilful misstatement; consequently Rule 9(1)(bb) CCR 2004 did not bar credit. Given that alleged excess credit remained unutilised during the period and no prejudice to the Exchequer was shown, interest could not be demanded and recovery proceedings for interest were dropped. Appeal allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
