Government water works contract GST concession applied before its withdrawal, while contractual tax reimbursement claims lay outside advance-ruling sc...
Employee long-term reward insurance premiums do not qualify as wholly and exclusively incurred for business where policies on directors' lives are not Keyman Insurance Policies, policy proceeds vest in the directors or their nominees, and the company receives no ultimate benefit. Premium deductions were therefore denied for the relevant assessment years. Reassessment may rest on later scrutiny findings where earlier acceptance did not involve examination of policy terms; each assessment year is separate and res judicata does not strictly govern income-tax proceedings. A change-of-opinion objection fails absent prior scrutiny of the claim. A challenge alleging no statutory approval for a reassessment notice requires supporting material or evidence that approval was sought.
Employee long-term reward insurance premiums do not qualify as wholly and exclusively incurred for business where policies on directors' lives are not Keyman Insurance Policies, policy proceeds vest in the directors or their nominees, and the company receives no ultimate benefit. Premium deductions were therefore denied for the relevant assessment years. Reassessment may rest on later scrutiny findings where earlier acceptance did not involve examination of policy terms; each assessment year is separate and res judicata does not strictly govern income-tax proceedings. A change-of-opinion objection fails absent prior scrutiny of the claim. A challenge alleging no statutory approval for a reassessment notice requires supporting material or evidence that approval was sought.
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TaxTMI 
TaxTMI 
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