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...
HC held that Isabgol Husk (bhusi) constitutes a medicinal product, not a kirana commodity. Applying the established functional-character test (ordinary purpose and use), the court found husk, obtained after removal of grain and used primarily as a laxative for treating constipation and related stomach disorders, differs materially from Isabgol listed as a separate item. Consequently, the Board of Revenue's order dated 26.12.1995 was affirmed: Isabgol Husk is classifiable as a medicine and assessable at 3% under Entry 16, Part IV, Schedule II of the M.P.G.S.T. Act, and is not liable to classification or taxation under Entry 13, Part VI, Schedule II as kirana goods. Application disposed.
HC held that Isabgol Husk (bhusi) constitutes a medicinal product, not a kirana commodity. Applying the established functional-character test (ordinary purpose and use), the court found husk, obtained after removal of grain and used primarily as a laxative for treating constipation and related stomach disorders, differs materially from Isabgol listed as a separate item. Consequently, the Board of Revenue's order dated 26.12.1995 was affirmed: Isabgol Husk is classifiable as a medicine and assessable at 3% under Entry 16, Part IV, Schedule II of the M.P.G.S.T. Act, and is not liable to classification or taxation under Entry 13, Part VI, Schedule II as kirana goods. Application disposed.
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