Credit-note turnover adjustments preserve inverted-duty refunds, while ministerial re-computation does not constitute an impermissible appellate reman...
Revisional jurisdiction over export quota premium deductions requires both error and Revenue prejudice; a permissible assessment view cannot be displa...
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Under GST, a comprehensive transfer of an entire proprietorship business to an LLP without consideration, including assets, liabilities, employees and business rights, constitutes a supply even if not made in the ordinary course of business. Transfer of a business as a going concern is classified as a supply of services because it is excluded from treatment as a supply of goods. The going-concern exemption applies only where the business is established as a going concern under applicable standards. If that status is not established, transferred stock and other business assets are treated as taxable supplies of goods at the applicable rates.
Under GST, a comprehensive transfer of an entire proprietorship business to an LLP without consideration, including assets, liabilities, employees and business rights, constitutes a supply even if not made in the ordinary course of business. Transfer of a business as a going concern is classified as a supply of services because it is excluded from treatment as a supply of goods. The going-concern exemption applies only where the business is established as a going concern under applicable standards. If that status is not established, transferred stock and other business assets are treated as taxable supplies of goods at the applicable rates.
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