Revenue authority mandates using scheme-specific reversal procedures, not revising original entries, for instrument-based trade/customs benefits effec...
Transaction value under s.15(1) governs unrelated sales; valuation between related parties per Rule 28; consignment note required for unregistered rec...
The HC allowed the writ petitions and held that assessees possess a statutory right to apply to the ITSC/Interim Board for settlement under the amended Sections 245A-M. The Court concluded the Finance Act, 2021, though retrospective, does not expressly or by necessary implication abrogate vested rights to file settlement applications between 01.02.2021 and 31.03.2021; the amendments merely rendered the ITSC inoperative and transferred pending matters to the Interim Board. The respondents' 28.09.2021 order is to be read down so that the cut-off of 31.01.2021 is read as 31.03.2021. The petitioners' settlement applications filed on 22.03.2021 are therefore validly pending for consideration by the Interim Board.
The HC allowed the writ petitions and held that assessees possess a statutory right to apply to the ITSC/Interim Board for settlement under the amended Sections 245A-M. The Court concluded the Finance Act, 2021, though retrospective, does not expressly or by necessary implication abrogate vested rights to file settlement applications between 01.02.2021 and 31.03.2021; the amendments merely rendered the ITSC inoperative and transferred pending matters to the Interim Board. The respondents' 28.09.2021 order is to be read down so that the cut-off of 31.01.2021 is read as 31.03.2021. The petitioners' settlement applications filed on 22.03.2021 are therefore validly pending for consideration by the Interim Board.
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