Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
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...
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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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