Dependent Agent PE unresolved for lack of factual inquiry; arm's-length distribution accepted; royalty claim rejected; 15% refund interest (Section 24...
Exemption under s.10(23C)(iiiad) upheld; appeal allowed, interest and dividends excluded from annual receipts, disallowance deleted, capital gains exe...
HC held that under s.50, interest on GST accrues only until the liability crystallises on filing of the return in Form GSTR-3B or upon debit in the electronic cash ledger; however, where an assessee had deposited tax and interest which was immediately credited to the Government account and subsequently debited from the electronic cash ledger on filing the return, the tax liability stood discharged as of the deposit date and no interest could be levied from the date of deposit until filing of the return/DRC-03. The petition of the assessee was allowed and the respondents' claim for interest accruing after deposit was rejected.
HC held that under s.50, interest on GST accrues only until the liability crystallises on filing of the return in Form GSTR-3B or upon debit in the electronic cash ledger; however, where an assessee had deposited tax and interest which was immediately credited to the Government account and subsequently debited from the electronic cash ledger on filing the return, the tax liability stood discharged as of the deposit date and no interest could be levied from the date of deposit until filing of the return/DRC-03. The petition of the assessee was allowed and the respondents' claim for interest accruing after deposit was rejected.
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