Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
Refund of customs duty deposited during investigation was denied on unjust enrichment on the ground that the amount was booked as expenditure in the profit and loss account. This was held to be an incorrect test; the determinative inquiry is whether the duty incidence was passed to customers through enhanced sale price. As the invoices reflected only material cost, labour charges and VAT, with no recovery of customs duty, and there was no evidence of post-duty price increase, the burden was held not to have been passed on, making unjust enrichment inapplicable. The impugned order was set aside and refund was allowed. - CESTAT
Refund of customs duty deposited during investigation was denied on unjust enrichment on the ground that the amount was booked as expenditure in the profit and loss account. This was held to be an incorrect test; the determinative inquiry is whether the duty incidence was passed to customers through enhanced sale price. As the invoices reflected only material cost, labour charges and VAT, with no recovery of customs duty, and there was no evidence of post-duty price increase, the burden was held not to have been passed on, making unjust enrichment inapplicable. The impugned order was set aside and refund was allowed. - CESTAT
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