Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
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High seas sale transactions are characterised predominantly as sales of imported goods where the buyer pays a composite invoiced amount including letter of credit charges and other seller-incurred costs. A trader that neither issues a letter of credit nor provides a payment guarantee does not render banking or financial services merely by recovering its letter of credit costs from the buyer. Those charges form part of the sale consideration, and transfer of title in goods by sale falls outside the definition of service under the post-negative-list regime. Because obtaining the letter of credit is incidental to executing the sale, the composite price cannot be split to tax the embedded charges separately as a service.
High seas sale transactions are characterised predominantly as sales of imported goods where the buyer pays a composite invoiced amount including letter of credit charges and other seller-incurred costs. A trader that neither issues a letter of credit nor provides a payment guarantee does not render banking or financial services merely by recovering its letter of credit costs from the buyer. Those charges form part of the sale consideration, and transfer of title in goods by sale falls outside the definition of service under the post-negative-list regime. Because obtaining the letter of credit is incidental to executing the sale, the composite price cannot be split to tax the embedded charges separately as a service.
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