Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
Preventive suspension requires an immediate continuing threat and cannot become indefinite without inquiry, fresh evidence, or proportionate safeguard...
Gold coins embossed with Goddess Lakshmi were treated as articles of gold, not bullion, under the common parlance test. Applying M/s. G.S. Pai & Co., the court said bullion means gold in raw or unwrought form, such as bars or ingots; once metal is manufactured into coins with embossing, engraving and weight marking, it acquires a distinct commercial identity. Because the coins were sold with value addition and not at bullion rates, the higher tax classification as articles of gold was upheld and the bullion classification rejected.
Gold coins embossed with Goddess Lakshmi were treated as articles of gold, not bullion, under the common parlance test. Applying M/s. G.S. Pai & Co., the court said bullion means gold in raw or unwrought form, such as bars or ingots; once metal is manufactured into coins with embossing, engraving and weight marking, it acquires a distinct commercial identity. Because the coins were sold with value addition and not at bullion rates, the higher tax classification as articles of gold was upheld and the bullion classification rejected.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
