Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Depreciation on glow sign boards and oxygen gas cylinders was rejected by the Assessing Officer, holding that the transaction on the last day of the accounting year cannot constitute business, and glow sign boards were advertising material, not plant. The ITAT held that sale proceeds of an asset on which deduction u/s 32(1)(ii) was claimed and allowed are required to be taxed as short-term capital gain u/s 50. The Supreme Court decision in Nectar Beverages case clarified that bottles and crates purchased before 31.03.1995 did not form part of the block of assets, and profits on their sale were not taxable as balancing charge u/s 41(1) or Section 50. However, for bottles and crates purchased after 01.04.1995, due to deletion of proviso to Section 31(1)(ii), such assets formed part of the block of assets and were exigible to capital gains tax u/s 50. The question of law was answered in favor of the assessee, holding that the Tribunal was incorrect in ruling that sale proceeds of an asset on which deduction u/s 32(1)(ii) was claimed and allowed are required to be taxed as short-term capital gain u/s 50.
Depreciation on glow sign boards and oxygen gas cylinders was rejected by the Assessing Officer, holding that the transaction on the last day of the accounting year cannot constitute business, and glow sign boards were advertising material, not plant. The ITAT held that sale proceeds of an asset on which deduction u/s 32(1)(ii) was claimed and allowed are required to be taxed as short-term capital gain u/s 50. The Supreme Court decision in Nectar Beverages case clarified that bottles and crates purchased before 31.03.1995 did not form part of the block of assets, and profits on their sale were not taxable as balancing charge u/s 41(1) or Section 50. However, for bottles and crates purchased after 01.04.1995, due to deletion of proviso to Section 31(1)(ii), such assets formed part of the block of assets and were exigible to capital gains tax u/s 50. The question of law was answered in favor of the assessee, holding that the Tribunal was incorrect in ruling that sale proceeds of an asset on which deduction u/s 32(1)(ii) was claimed and allowed are required to be taxed as short-term capital gain u/s 50.
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