Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
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A securitisation trust with determinate beneficiaries is not an Association of Persons merely because several investors hold security receipts. An AOP requires a voluntary combination acting with common design and management to earn income; no such joint enterprise was shown where the trust operated under the securitisation framework and trustee-administered trust deed. Where investors may revoke contributions and reclaim assets, the arrangement constitutes a revocable transfer and the pass-through provisions in sections 61 to 63 apply. Income is therefore taxable in the hands of determinate beneficiaries in the same manner and extent as applicable to them, rather than as AOP income of the trust.
A securitisation trust with determinate beneficiaries is not an Association of Persons merely because several investors hold security receipts. An AOP requires a voluntary combination acting with common design and management to earn income; no such joint enterprise was shown where the trust operated under the securitisation framework and trustee-administered trust deed. Where investors may revoke contributions and reclaim assets, the arrangement constitutes a revocable transfer and the pass-through provisions in sections 61 to 63 apply. Income is therefore taxable in the hands of determinate beneficiaries in the same manner and extent as applicable to them, rather than as AOP income of the trust.
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