Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Forfeited refundable die-development deposits are characterised as liquidated damages where they are retained only on a customer's contractual breach, rather than consideration for the manufactured goods. Amounts enter transaction value only when directly and proximately connected with the sale and represent consideration; a valuation rule cannot convert contractual compensation into additional consideration. Consequently, including such deposits in assessable value is unsustainable. Extended limitation also does not apply merely because of an interpretational dispute or short-payment where contractual terms, deposits and accounting treatment were recorded and there is no evidence of deliberate concealment or intent to evade duty. Penalty cannot stand where the duty demand fails and the required intent-based misconduct is not established.
Forfeited refundable die-development deposits are characterised as liquidated damages where they are retained only on a customer's contractual breach, rather than consideration for the manufactured goods. Amounts enter transaction value only when directly and proximately connected with the sale and represent consideration; a valuation rule cannot convert contractual compensation into additional consideration. Consequently, including such deposits in assessable value is unsustainable. Extended limitation also does not apply merely because of an interpretational dispute or short-payment where contractual terms, deposits and accounting treatment were recorded and there is no evidence of deliberate concealment or intent to evade duty. Penalty cannot stand where the duty demand fails and the required intent-based misconduct is not established.
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