Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
The text clarifies that recovery without adjudication is permissible only where the taxpayer has clearly admitted tax liability in filed returns, and such admitted liability remains unpaid; consequently, coercive recovery cannot be invoked for alleged wrongful utilisation of input tax credit without first completing adjudicatory assessment proceedings that quantify tax, interest, fees and penalties. Alleged misuse of input tax credit must be addressed through assessment processes; only after adjudication can recovery steps be taken. The impugned recovery action was set aside and interest collected was ordered to be refunded to the taxpayer.
The text clarifies that recovery without adjudication is permissible only where the taxpayer has clearly admitted tax liability in filed returns, and such admitted liability remains unpaid; consequently, coercive recovery cannot be invoked for alleged wrongful utilisation of input tax credit without first completing adjudicatory assessment proceedings that quantify tax, interest, fees and penalties. Alleged misuse of input tax credit must be addressed through assessment processes; only after adjudication can recovery steps be taken. The impugned recovery action was set aside and interest collected was ordered to be refunded to the taxpayer.
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