J the App
HomeWhat We DoFeaturesPostsDownload App
HomeWhat We DoFeaturesPosts
Download App
Terms|Privacy

JustIDT Solutions Private Limited © 2026

  1. Home
  2. Posts
  3. Regulatory
  4. Refund Vs Limitation
OthersArticle·24 April 2026

Refund Vs Limitation

By J the App

Executive Summary

Where tax is paid under a mistaken understanding, especially based on departmental audit instructions, and the underlying transaction is later found non-taxable, the department cannot unjustly retain such amounts. 

Procedural barriers like limitation or failure to appeal refund rejection cannot override substantive entitlement to refund, nor can they invalidate self-adjustment.

Issues for Determination

The Court examined whether profit share from foreign exchange transactions constitutes a taxable se...

Read the full article in the app

This is a premium article. Download J the App to read the complete content.

Read in the App

Get the full experience with comments, likes, and more in the app.

Open in App
App StoreGoogle Play