Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
The HC held that the GST amount paid on an advance for a contract that was later rescinded due to non-performance by the supplier must be refunded. The levy of tax is on the transaction; if the transaction fails, what is paid in advance needs to be refunded. The HC directed the appellant to refund the GST amount to the respondent-assessee within eight weeks. The appeal was dismissed.
The HC held that the GST amount paid on an advance for a contract that was later rescinded due to non-performance by the supplier must be refunded. The levy of tax is on the transaction; if the transaction fails, what is paid in advance needs to be refunded. The HC directed the appellant to refund the GST amount to the respondent-assessee within eight weeks. The appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
