Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT upholds the addition under section 56(2)(vii)(b), holding the transactions to be two distinct purchases rather than a continuation of a single agreement; consequently the proviso to section 56(2)(vii)(b) is inapplicable and the taxpayer's claim of non-monetary consideration is rejected. The Tribunal finds the adjustment of payments between contracts constituted a financing mechanism and did not alter the separate contractual nature of each transaction. However, because the earlier agreement was cancelled and the taxpayer's rights extinguished constituting a transfer within section 2(47), the matter is remitted to the AO to determine loss arising on cancellation and to allow set-off/carry-forward as permissible after affording opportunity to the taxpayer. Appeal partly allowed for statistical purposes.
ITAT upholds the addition under section 56(2)(vii)(b), holding the transactions to be two distinct purchases rather than a continuation of a single agreement; consequently the proviso to section 56(2)(vii)(b) is inapplicable and the taxpayer's claim of non-monetary consideration is rejected. The Tribunal finds the adjustment of payments between contracts constituted a financing mechanism and did not alter the separate contractual nature of each transaction. However, because the earlier agreement was cancelled and the taxpayer's rights extinguished constituting a transfer within section 2(47), the matter is remitted to the AO to determine loss arising on cancellation and to allow set-off/carry-forward as permissible after affording opportunity to the taxpayer. Appeal partly allowed for statistical purposes.
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