Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Refund of central excise duty claims contend that reversal/payment of CENVAT credit or discovery of mistake of law permits refund; Tribunal clarifies that where final products are excisable and duty relates to inputs, refunds are permissible only in accordance with the statutory refund regime and within the prescribed time limit for refund claims. An unconstitutional levy paid without statutory authority alone falls outside the time limit. A claimant must succeed in its own litigation to obtain refund based on mistake of law and cannot rely on orders in favour of another assessee. Consequently, time-barred refund claims beyond the prescribed period are not maintainable.
Refund of central excise duty claims contend that reversal/payment of CENVAT credit or discovery of mistake of law permits refund; Tribunal clarifies that where final products are excisable and duty relates to inputs, refunds are permissible only in accordance with the statutory refund regime and within the prescribed time limit for refund claims. An unconstitutional levy paid without statutory authority alone falls outside the time limit. A claimant must succeed in its own litigation to obtain refund based on mistake of law and cannot rely on orders in favour of another assessee. Consequently, time-barred refund claims beyond the prescribed period are not maintainable.
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