Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
In the High Court case, the issues addressed included the taxability of pre-payment of sales tax liability, benefits from DEPB License/Focus Market Licenses, and loss of profit due to fire without insurance recovery. The court held that the pre-paid sales tax amount saved by the assessee was a capital receipt, not taxable as revenue. Benefits from licenses were deemed hypothetical income until actual realization, not taxable. Loss of profit due to fire without insurance recovery was not taxable as income until it was enforceable. The court referred to relevant legal precedents to support these decisions. The Revenue appeal was dismissed.
In the High Court case, the issues addressed included the taxability of pre-payment of sales tax liability, benefits from DEPB License/Focus Market Licenses, and loss of profit due to fire without insurance recovery. The court held that the pre-paid sales tax amount saved by the assessee was a capital receipt, not taxable as revenue. Benefits from licenses were deemed hypothetical income until actual realization, not taxable. Loss of profit due to fire without insurance recovery was not taxable as income until it was enforceable. The court referred to relevant legal precedents to support these decisions. The Revenue appeal was dismissed.
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