Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
