Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The High Court considered the validity of proceedings u/s 144BA regarding issuance of bonus shares and the invocation of GAAR over SAAR. The petitioner sought to set off short term capital loss against long term gains, questioning the application of Section 94(8) vs. GAAR. The court noted GAAR's overriding effect u/s 95(1) and rejected petitioner's argument favoring SAAR. The court found the arrangement lacked commercial substance, falling u/s 96 of Chapter X-A. The petitioner's reliance on the Shome Committee Report was deemed misplaced. The court emphasized fair tax planning within the law and dismissed the writ petitions, allowing proceedings u/s 144AB to continue.
The High Court considered the validity of proceedings u/s 144BA regarding issuance of bonus shares and the invocation of GAAR over SAAR. The petitioner sought to set off short term capital loss against long term gains, questioning the application of Section 94(8) vs. GAAR. The court noted GAAR's overriding effect u/s 95(1) and rejected petitioner's argument favoring SAAR. The court found the arrangement lacked commercial substance, falling u/s 96 of Chapter X-A. The petitioner's reliance on the Shome Committee Report was deemed misplaced. The court emphasized fair tax planning within the law and dismissed the writ petitions, allowing proceedings u/s 144AB to continue.
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