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...
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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