TMI Blogoverinvoicing refundX X X X Extracts X X X X X X X X Extracts X X X X ..... A capital goods item, is by ommission quoted high.The financial institution is funding the project.The seller receives the amount billed as per the high quotation both from the purchaser ( margin money ) anf the financier committment amount.The deal is concluded. Now the purchaser points out the lacunae of high pricing and demands the refund be made to him . question of law: 1) as per bankin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g norms, since the financiers are involved, is it not inding on the seller to reimburse to the financier the amount so excess billed.If so kindly quote the relevant rule. 2) The excess amount so refunded to the purchaser, if in contravention of the banking rules, and made by credit/debit note, would be deductable expense in the hands of the seller. quote relevant sectionapplicable. 3)The Sale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s tax (VAT) on the refunded amount , be it to the purchaser or the financier would be adjustable , if the same is done within the six month period. Kindly enlighten thks n rgds. Devdas Kamath - Reply By CA. Surender Gupta - The Reply = What is the real issue? Is it mere a claim or initiation of recovery proceedings through legal remedy. What is the justification for excess billing? A deta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled and careful analysis of the facts and circumstances would help to decide whether deduction is allowable u/s 37 of the Income Tax or not. - overinvoicing refund - Query Started By: - Devdas Kamath Dated:- 22-8-2011 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanage ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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