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...
Levy of VAT (tax) - Turnover of old machinery and equipment after the closure of business - The central contention is the interpretation of the amended definition of "business" and the classification of the assets sold. The revisionist argues for a broader interpretation, encompassing all transactions related to goods acquired during business operation, while the respondent maintains that the assets sold are capital goods and thus exempt from taxation. - The High Court, after careful consideration, rules in favor of the respondent (assessee). It emphasizes that the amended definition of "business" restricts taxation to the sale of goods acquired during business operation, excluding transactions post-business closure. Additionally, the Court agrees with the lower authorities' classification of the assets sold as capital goods, affirming that they fall outside the taxable scope of the Act.
Levy of VAT (tax) - Turnover of old machinery and equipment after the closure of business - The central contention is the interpretation of the amended definition of "business" and the classification of the assets sold. The revisionist argues for a broader interpretation, encompassing all transactions related to goods acquired during business operation, while the respondent maintains that the assets sold are capital goods and thus exempt from taxation. - The High Court, after careful consideration, rules in favor of the respondent (assessee). It emphasizes that the amended definition of "business" restricts taxation to the sale of goods acquired during business operation, excluding transactions post-business closure. Additionally, the Court agrees with the lower authorities' classification of the assets sold as capital goods, affirming that they fall outside the taxable scope of the Act.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
