Genuineness of investment evidence determines LTCG entitlement; non specific regulatory reports cannot displace transaction specific documentary proof...
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On a conjoint reading of Sections 54 and 56 of the CGST Act, delayed processing of a refund claim gives rise to statutory interest once the refund is paid beyond the prescribed period. The shipping bill assessment was treated as the refund application, and the petitioner's entitlement had attained finality after appellate orders were upheld and the Department's challenge failed. As the IGST refund was released only during pendency of the petition, Section 56 applied and interest was payable. The HC rejected the Department's plea that administrative delay or bona fide withholding displaced the statutory mandate, and allowed the writ petition with relief for interest on the belated refund.
On a conjoint reading of Sections 54 and 56 of the CGST Act, delayed processing of a refund claim gives rise to statutory interest once the refund is paid beyond the prescribed period. The shipping bill assessment was treated as the refund application, and the petitioner's entitlement had attained finality after appellate orders were upheld and the Department's challenge failed. As the IGST refund was released only during pendency of the petition, Section 56 applied and interest was payable. The HC rejected the Department's plea that administrative delay or bona fide withholding displaced the statutory mandate, and allowed the writ petition with relief for interest on the belated refund.
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