TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
Functional comparability governs software-service benchmarking: dissimilar companies are excluded, while related-party filters, margins and working-ca...
The HC held that the product manufactured under a valid drug licence is classifiable as a drug/medicine under Entry 19-A, Part II, Schedule II of the MPVAT Act, and not as a cosmetic/beauty product. The HC quashed the impugned orders of the Commercial Tax Appellate Board and the Commercial Tax Board that had reclassified the product under other Schedule entries, answered the legal questions in favour of the appellant, and directed that the appellant is not liable to pay interest under Section 18(1)(a) of the MPVAT Act. Both VAT appeals were allowed and the appeals disposed.
The HC held that the product manufactured under a valid drug licence is classifiable as a drug/medicine under Entry 19-A, Part II, Schedule II of the MPVAT Act, and not as a cosmetic/beauty product. The HC quashed the impugned orders of the Commercial Tax Appellate Board and the Commercial Tax Board that had reclassified the product under other Schedule entries, answered the legal questions in favour of the appellant, and directed that the appellant is not liable to pay interest under Section 18(1)(a) of the MPVAT Act. Both VAT appeals were allowed and the appeals disposed.
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