Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Valuation - To remove the anomaly, a level play mechanism has been adopted to levy tax on the inter-state purchases or the goods purchased from outside the territory of India at the regular rate of tax and to deduct the same from the total consideration of the works contract executed by the dealer to make the dealer eligible to opt for composition scheme, despite purchasing goods from outside the State or outside the territory of India. - By any stretch of imagination, it cannot be held that the levy of tax under Section 4 would be on the sale value of the goods transferred in the works contract executed by the dealer. - HC
Valuation - To remove the anomaly, a level play mechanism has been adopted to levy tax on the inter-state purchases or the goods purchased from outside the territory of India at the regular rate of tax and to deduct the same from the total consideration of the works contract executed by the dealer to make the dealer eligible to opt for composition scheme, despite purchasing goods from outside the State or outside the territory of India. - By any stretch of imagination, it cannot be held that the levy of tax under Section 4 would be on the sale value of the goods transferred in the works contract executed by the dealer. - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
