Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
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).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4778
Join Channel
TaxTMI 
