Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
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...
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Showroom fit-out works that transform bare commercial structures into functional showrooms through flooring, ceilings, partitions, HVAC, fire-suppression and plumbing qualify as original works for works contract valuation. The article states that service tax may therefore be determined on the prescribed portion of contract value under rule 2A(ii)(A), with the applicable abatement, making a demand based on denial of original-works valuation unsustainable. It further notes that an advance forfeited when a customer fails to purchase ordered goods, and reimbursement for goods lost in a fire, are not consideration for services and are not subject to service tax. With no demand surviving, penalties do not arise.
Showroom fit-out works that transform bare commercial structures into functional showrooms through flooring, ceilings, partitions, HVAC, fire-suppression and plumbing qualify as original works for works contract valuation. The article states that service tax may therefore be determined on the prescribed portion of contract value under rule 2A(ii)(A), with the applicable abatement, making a demand based on denial of original-works valuation unsustainable. It further notes that an advance forfeited when a customer fails to purchase ordered goods, and reimbursement for goods lost in a fire, are not consideration for services and are not subject to service tax. With no demand surviving, penalties do not arise.
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