Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
HC determined that flavoured milk sold by petitioner falls under tariff heading 0402, not CH 2202. The conversion charges for milk to milk powder were remanded for reassessment, with the appellate authority previously indicating a potential 5% tax rate instead of 18%. The original assessment order and appeal order were set aside, directing the Assessing Officer to conduct a fresh assessment, specifically levying tax on flavoured milk under the specified tariff heading. The petition was subsequently disposed of, effectively returning the matter for reconsideration with specific guidance on tax classification and rate.
HC determined that flavoured milk sold by petitioner falls under tariff heading 0402, not CH 2202. The conversion charges for milk to milk powder were remanded for reassessment, with the appellate authority previously indicating a potential 5% tax rate instead of 18%. The original assessment order and appeal order were set aside, directing the Assessing Officer to conduct a fresh assessment, specifically levying tax on flavoured milk under the specified tariff heading. The petition was subsequently disposed of, effectively returning the matter for reconsideration with specific guidance on tax classification and rate.
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