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Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
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The State policy for Special Economic Zones in Maharashtra made a clear promise of exemption from all State and local taxes, including octroi, and contemplated reimbursement where direct exemption was not feasible. The Court applied promissory estoppel and held that, absent any overriding public interest, the promise had to be honoured because it aligned with the SEZ Act and Rules and the policy objective of encouraging SEZ development. It accepted that the petitioner was entitled to refund of octroi paid with interest, subject to verification, and fastened liability on the State Government. Refund could not be ordered against the Municipal Corporation without the necessary statutory amendment, and relief for amendment of the octroi rules was declined because those rules had ceased to operate.
The State policy for Special Economic Zones in Maharashtra made a clear promise of exemption from all State and local taxes, including octroi, and contemplated reimbursement where direct exemption was not feasible. The Court applied promissory estoppel and held that, absent any overriding public interest, the promise had to be honoured because it aligned with the SEZ Act and Rules and the policy objective of encouraging SEZ development. It accepted that the petitioner was entitled to refund of octroi paid with interest, subject to verification, and fastened liability on the State Government. Refund could not be ordered against the Municipal Corporation without the necessary statutory amendment, and relief for amendment of the octroi rules was declined because those rules had ceased to operate.
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