Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
HC examined the validity of a SCN issued u/s 74 of the State GST Act concerning taxability of assignment of leasehold rights in industrial plots. Relying on its prior rulings, HC held that assignment/sale/transfer of leasehold rights in GIDC-allotted land constitutes transfer of benefits arising from immovable property, which falls outside the ambit of "supply" under s.7(1)(a), read with Sch. II cl.5(b) and Sch. III cl.5. Consequently, such transaction is not exigible to GST u/s 9. The impugned SCN was quashed and the writ petition allowed.
HC examined the validity of a SCN issued u/s 74 of the State GST Act concerning taxability of assignment of leasehold rights in industrial plots. Relying on its prior rulings, HC held that assignment/sale/transfer of leasehold rights in GIDC-allotted land constitutes transfer of benefits arising from immovable property, which falls outside the ambit of "supply" under s.7(1)(a), read with Sch. II cl.5(b) and Sch. III cl.5. Consequently, such transaction is not exigible to GST u/s 9. The impugned SCN was quashed and the writ petition allowed.
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