Business expenditure and depreciation rules allow operational outgoings while limiting disallowances for personal elements and unsupported third-party...
Compromise-and-arrangement extensions may accommodate debt assignment where creditor commercial judgment supports value maximisation and avoids proced...
Delayed-payment surcharge is not taxable tolerance consideration where it penalises default, while meter testing follows electricity distribution trea...
Sufficient cause for delayed revenue income-tax appeals requires bona fides, due diligence and a credible explanation; otherwise limitation bars appea...
Outright assignment of an industrial lessee's entire leasehold estate, including the building, is distinguished from the original grant of a lease. Original leasing or renting is treated as a supply of services, but complete divestment without a retained reversionary interest transfers a proprietary benefit arising from land. Such a transfer falls within the Schedule III exclusion for land and specified building transactions, rather than service classification under Schedule II; GST charge therefore does not arise. Classification depends on the deed's substance, including rights retained, the assignee's assumption of lease covenants, and transferred structures. A sub-lease, licence, or continuing rental arrangement may be characterised differently. Approval charges collected by the industrial development corporation remain distinct from assignment consideration.
Outright assignment of an industrial lessee's entire leasehold estate, including the building, is distinguished from the original grant of a lease. Original leasing or renting is treated as a supply of services, but complete divestment without a retained reversionary interest transfers a proprietary benefit arising from land. Such a transfer falls within the Schedule III exclusion for land and specified building transactions, rather than service classification under Schedule II; GST charge therefore does not arise. Classification depends on the deed's substance, including rights retained, the assignee's assumption of lease covenants, and transferred structures. A sub-lease, licence, or continuing rental arrangement may be characterised differently. Approval charges collected by the industrial development corporation remain distinct from assignment consideration.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4884 
