When assessee had both trade receivables and trade payables, it would be unreasonable to calculate interest only on trade receivables for the purpose of determining the ALP of the transaction. AO/ TPO was directed to consider both trade payables and trade receivables for the purpose of notional interest to be charged for determining the ALP value of the transaction.
Delhi HC overturns GST demand order due to erroneous tax calculation, remanding the case for reconsideration after hearing the petitioner.
Karnataka HC rules that interest income from surplus funds in bank FDs is eligible for exemption under Section 10AA for SEZ exporters, following precedent in Hewlett Packard case.
Karnataka HC rules reassessment under Section 153A impermissible without incriminating evidence, upholding deletion of assessed income.
Madras High Court directs GST authorities to accept appeal challenging penalty after rejecting the claim that penalty alone cannot be contested.
Madras High Court sets aside GST order due to lack of physical service of notice and remands the case, directing the petitioner to deposit 10% of the disputed tax.
Gauhati High Court addresses challenges to GST notifications, questioning their legality under the CGST and SGST Acts in Barkataki Print case.
Madras High Court invalidates tax demand on deceased person if legal heirs are not operating the business. Legal heirs liable only if business continues.
Calcutta High Court quashes GST demand as show cause notice was sent to outdated email. Case remitted for fresh hearing with proper notice.
CESTAT Bangalore held that benefit of notification no. 20/2006 dated 01.03.2006 and notification no. 21/2012-Cus. dated 17.03.2012 not available in case of import of garment accessories. Accordingly, 4% SAD leviable.
