Interest on Wrongful Input Tax Credit is mandatory where excess transitional credit was retained and later reversed, and related objections were rejec...
Tribunal held that clause (i) of the statutory provision defining specified domestic transactions was omitted with retrospective effect, applying established precedent on retrospective omission so the provision is treated as never having existed; consequently references to the Transfer Pricing Officer and transfer pricing adjustments for the relevant assessment year were invalid and the additions based solely on that provision were directed to be deleted, leading to allowance of the appeal and removal of the contested additions.
Tribunal held that clause (i) of the statutory provision defining specified domestic transactions was omitted with retrospective effect, applying established precedent on retrospective omission so the provision is treated as never having existed; consequently references to the Transfer Pricing Officer and transfer pricing adjustments for the relevant assessment year were invalid and the additions based solely on that provision were directed to be deleted, leading to allowance of the appeal and removal of the contested additions.
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