ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
HC allowed writ petitions and quashed the notifications dated 31-03-2023 and 26-07-2023 that directed compensation cess to be levied on MRP rather than transaction value. The Court held the notifications ultra vires Section 8(2) of the Compensation Act and Section 15 of the CGST Act because Section 15 mandates valuation of taxable supply on transaction value (price actually paid or payable) and the proviso to Section 8(2) requires compensation cess valuation to follow Section 15. Delegated legislation contrary to the parent Act was declared null and void. The quashment does not preclude the legislature from enacting remedial legislation on the matter.
HC allowed writ petitions and quashed the notifications dated 31-03-2023 and 26-07-2023 that directed compensation cess to be levied on MRP rather than transaction value. The Court held the notifications ultra vires Section 8(2) of the Compensation Act and Section 15 of the CGST Act because Section 15 mandates valuation of taxable supply on transaction value (price actually paid or payable) and the proviso to Section 8(2) requires compensation cess valuation to follow Section 15. Delegated legislation contrary to the parent Act was declared null and void. The quashment does not preclude the legislature from enacting remedial legislation on the matter.
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