Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Under the second proviso to Section 25-A(1), a rectification application received by the Assessing Authority and not rejected within sixty days is deemed allowed by legal fiction, and the later rectification order cannot override that statutory effect. The High Court held that the assessee's application received on 22.01.2010 stood allowed on expiry of sixty days, rendering the subsequent rectification and all consequential revisional, fresh assessment, refund and appellate proceedings without jurisdiction. On refund interest, the Court held that the right under Section 13-A accrued after expiry of ninety days from the deemed rectification date, and the assessee was entitled to interest at 6% per annum for the determined delay period.
Under the second proviso to Section 25-A(1), a rectification application received by the Assessing Authority and not rejected within sixty days is deemed allowed by legal fiction, and the later rectification order cannot override that statutory effect. The High Court held that the assessee's application received on 22.01.2010 stood allowed on expiry of sixty days, rendering the subsequent rectification and all consequential revisional, fresh assessment, refund and appellate proceedings without jurisdiction. On refund interest, the Court held that the right under Section 13-A accrued after expiry of ninety days from the deemed rectification date, and the assessee was entitled to interest at 6% per annum for the determined delay period.
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