Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
Assignment by sale or transfer of long-term leasehold rights in land and building to a third-party assignee constitutes transfer of benefits arising from immovable property. The assignee replaces the original allottee as lessee. Such assignment falls outside taxable supply under section 7(1)(a), clause 5(b) of Schedule II and clause 5 of Schedule III of the GST law, and is therefore not liable to GST. On this basis, the GST order concerning the assignment was quashed and the writ petition was allowed.
Assignment by sale or transfer of long-term leasehold rights in land and building to a third-party assignee constitutes transfer of benefits arising from immovable property. The assignee replaces the original allottee as lessee. Such assignment falls outside taxable supply under section 7(1)(a), clause 5(b) of Schedule II and clause 5 of Schedule III of the GST law, and is therefore not liable to GST. On this basis, the GST order concerning the assignment was quashed and the writ petition was allowed.
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