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 ...
Assessable value of a body-built motor vehicle manufactured on job work includes the chassis value on which duty was paid, including the additional margin applied under Rule 8, together with the job worker's material cost, expenses and profit. The manufacturer's anticipated resale profit and post-receipt expenses remain excluded. Although this valuation component was required to be included, extended limitation for duty recovery requires fraud, collusion, wilful misstatement, wilful suppression, or intent to evade duty. Departmental knowledge that the chassis had been valued at 110% of manufacturing cost precluded treating the job worker's omission as wilful suppression. A notice issued beyond the ordinary limitation period was therefore time-barred, resulting in the demand and penalty being set aside.
Assessable value of a body-built motor vehicle manufactured on job work includes the chassis value on which duty was paid, including the additional margin applied under Rule 8, together with the job worker's material cost, expenses and profit. The manufacturer's anticipated resale profit and post-receipt expenses remain excluded. Although this valuation component was required to be included, extended limitation for duty recovery requires fraud, collusion, wilful misstatement, wilful suppression, or intent to evade duty. Departmental knowledge that the chassis had been valued at 110% of manufacturing cost precluded treating the job worker's omission as wilful suppression. A notice issued beyond the ordinary limitation period was therefore time-barred, resulting in the demand and penalty being set aside.
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