Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
Commission income in agency business should be determined with reference to the limited mark-up permitted under principal-agent arrangements, rather than by applying a net-profit rate to gross bank receipts. The material describes estimation at 5 per cent of gross bank receipts from recharge vouchers and goods. It also addresses penalty for non-maintenance of books where bank receipts represent agency transactions rather than the agent's turnover. As ownership of the goods remains with the principals, such receipts cannot be treated as turnover; absence of evidence of prior-year turnover further undermines the penalty basis.
Commission income in agency business should be determined with reference to the limited mark-up permitted under principal-agent arrangements, rather than by applying a net-profit rate to gross bank receipts. The material describes estimation at 5 per cent of gross bank receipts from recharge vouchers and goods. It also addresses penalty for non-maintenance of books where bank receipts represent agency transactions rather than the agent's turnover. As ownership of the goods remains with the principals, such receipts cannot be treated as turnover; absence of evidence of prior-year turnover further undermines the penalty basis.
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