Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
The SC dismissed the appeal, upholding the High Court's interpretation that, for purposes of tax computation under s.15(1) of the VAT Act, payments made by a main contractor to sub-contractors must be deducted from the total consideration for the works contract. Applying the accretion principle governing works contracts, the Court held the deemed sale in respect of materials executed by sub-contractors is effectively from the sub-contractor to the contractee, removing that portion from the main contractor's taxable turnover. The Court rejected characterization of such deduction as input tax credit, confirming it alters the charging base rather than constituting a credit mechanism.
The SC dismissed the appeal, upholding the High Court's interpretation that, for purposes of tax computation under s.15(1) of the VAT Act, payments made by a main contractor to sub-contractors must be deducted from the total consideration for the works contract. Applying the accretion principle governing works contracts, the Court held the deemed sale in respect of materials executed by sub-contractors is effectively from the sub-contractor to the contractee, removing that portion from the main contractor's taxable turnover. The Court rejected characterization of such deduction as input tax credit, confirming it alters the charging base rather than constituting a credit mechanism.
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