Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
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Refund of service tax paid under a claimed mistake of law remained subject to the statutory refund mechanism under section 11B, including the prescribed limitation period and unjust enrichment test. Relying on Mafatlal Industries and Southern Surface Finishers, the CESTAT held that later realisation that tax was not payable did not displace statutory limits, and the assessee failed to prove that the tax burden had not been passed on to customers. The refund rejection on both limitation and unjust enrichment was sustained, and the appeal was dismissed.
Refund of service tax paid under a claimed mistake of law remained subject to the statutory refund mechanism under section 11B, including the prescribed limitation period and unjust enrichment test. Relying on Mafatlal Industries and Southern Surface Finishers, the CESTAT held that later realisation that tax was not payable did not displace statutory limits, and the assessee failed to prove that the tax burden had not been passed on to customers. The refund rejection on both limitation and unjust enrichment was sustained, and the appeal was dismissed.
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