Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
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The statutory refund provision applied to service tax establishes a rebuttable presumption that the incidence of tax was passed to the consumer; where tax was paid but not payable, refundable amounts must be credited to the Consumer Welfare Fund unless the claimant proves the burden was not passed. A third-party or departmental No Objection Certificate cannot override that statutory scheme or permit refund to a party who did not bear the tax incidence. Recovery of an erroneously sanctioned refund is governed by the statutory recovery procedure for erroneous refunds, not by the refund provision itself.
The statutory refund provision applied to service tax establishes a rebuttable presumption that the incidence of tax was passed to the consumer; where tax was paid but not payable, refundable amounts must be credited to the Consumer Welfare Fund unless the claimant proves the burden was not passed. A third-party or departmental No Objection Certificate cannot override that statutory scheme or permit refund to a party who did not bear the tax incidence. Recovery of an erroneously sanctioned refund is governed by the statutory recovery procedure for erroneous refunds, not by the refund provision itself.
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