Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Duty-free imported inputs must be used by the actual user and cannot be sold or transferred contrary to exemption conditions. The notes explain that job work requires production substantially from materials supplied by the customer; where processors use their own inputs, issue sale invoices for different intermediate goods, and adjust the imported input's value against sale prices, the arrangement constitutes a sale rather than job work. Such diversion supports confiscation, recovery of duty with interest, and penalty. Obligations under import bonds continue until discharge, so the duty recovery is not time-barred; suppression of diversion by presenting sales as job work also warrants penalty. A director responsible for diversion may be penalised under section 112(a)(ii).
Duty-free imported inputs must be used by the actual user and cannot be sold or transferred contrary to exemption conditions. The notes explain that job work requires production substantially from materials supplied by the customer; where processors use their own inputs, issue sale invoices for different intermediate goods, and adjust the imported input's value against sale prices, the arrangement constitutes a sale rather than job work. Such diversion supports confiscation, recovery of duty with interest, and penalty. Obligations under import bonds continue until discharge, so the duty recovery is not time-barred; suppression of diversion by presenting sales as job work also warrants penalty. A director responsible for diversion may be penalised under section 112(a)(ii).
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