Residual food-preparation classification places fermented Nata De Coco outside fruit-jelly categories, changing its GST treatment across notified peri...
Settlement application eligibility requires a pending assessment when filed, preventing an extra prior-eligibility condition from blocking considerati...
Succession of a firm by a company satisfies section 47(xiii) where all assets and liabilities immediately before succession vest in the company and partners receive only company shares. Pre-succession capital withdrawals, asset sales and changes in partners' profit-sharing ratios do not, absent a statutory restriction, disqualify the succession or make it a taxable transfer. Search-assessment proceedings require incriminating material: routine board resolutions, no-objection certificates, legal notes, valuation reports and firm-constitution records generated in ordinary business are not incriminating. In their absence, assessment under section 153A is not maintainable, and the departmental appeal was dismissed.
Succession of a firm by a company satisfies section 47(xiii) where all assets and liabilities immediately before succession vest in the company and partners receive only company shares. Pre-succession capital withdrawals, asset sales and changes in partners' profit-sharing ratios do not, absent a statutory restriction, disqualify the succession or make it a taxable transfer. Search-assessment proceedings require incriminating material: routine board resolutions, no-objection certificates, legal notes, valuation reports and firm-constitution records generated in ordinary business are not incriminating. In their absence, assessment under section 153A is not maintainable, and the departmental appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
