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Investigation deposits refunded after failed customs demands fall outside the statutory appellate pre-deposit interest regime and may attract compensa...
Resolution plan finality extinguishes unquantified operational-creditor claims and pending proceedings unless the approved plan expressly preserves th...
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The High Court considered the issue of deemed sale u/s 2(40) of the Uttarakhand Value Added Tax Act, 2005, upholding the assessment by the Assistant Commissioner. The net turnover calculation u/s Rule 15(2) allows deductions for specified amounts. Citing M/S. K.P. MOZIKA case, the Supreme Court clarified that providing vehicles for transport doesn't constitute transfer of right to use goods. Referring to STATE OF ANDHRA PRADESH case, it emphasized that contracts not involving transfer of right to use goods aren't subject to VAT. The Tribunal erred in treating transactions as deemed sale. Therefore, deduction for driver's salary, cleaner, and fuel costs is not applicable, as the transaction wasn't taxable. Revision was allowed.
The High Court considered the issue of deemed sale u/s 2(40) of the Uttarakhand Value Added Tax Act, 2005, upholding the assessment by the Assistant Commissioner. The net turnover calculation u/s Rule 15(2) allows deductions for specified amounts. Citing M/S. K.P. MOZIKA case, the Supreme Court clarified that providing vehicles for transport doesn't constitute transfer of right to use goods. Referring to STATE OF ANDHRA PRADESH case, it emphasized that contracts not involving transfer of right to use goods aren't subject to VAT. The Tribunal erred in treating transactions as deemed sale. Therefore, deduction for driver's salary, cleaner, and fuel costs is not applicable, as the transaction wasn't taxable. Revision was allowed.
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TaxTMI 
TaxTMI 
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