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...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
CBIC clarified that transactions in vouchers, whether recognized as pre-paid instruments by RBI or not, are neither supply of goods nor services. Trading of vouchers on principal-to-principal basis is not leviable to GST. However, commission/fee earned by agents for distribution is taxable service. Additional services like advertising, marketing etc. provided to voucher issuer are taxable supplies. Unredeemed vouchers (breakage) are not taxable as there is no underlying supply.
CBIC clarified that transactions in vouchers, whether recognized as pre-paid instruments by RBI or not, are neither supply of goods nor services. Trading of vouchers on principal-to-principal basis is not leviable to GST. However, commission/fee earned by agents for distribution is taxable service. Additional services like advertising, marketing etc. provided to voucher issuer are taxable supplies. Unredeemed vouchers (breakage) are not taxable as there is no underlying supply.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
