Retrospective amendment clarifies service value excludes land transfer, validating the applicable past valuation treatment for works contracts. The amendment retrospectively clarifies that for works contracts involving transfer of land or undivided land shares, the taxable value of the service portion shall not include the value of the land or undivided share of land, and specifies the retrospective period and applicability as set out in the Sixth Schedule.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Retrospective amendment clarifies service value excludes land transfer, validating the applicable past valuation treatment for works contracts.
The amendment retrospectively clarifies that for works contracts involving transfer of land or undivided land shares, the taxable value of the service portion shall not include the value of the land or undivided share of land, and specifies the retrospective period and applicability as set out in the Sixth Schedule.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.