Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
Section 47(vii) exemption was held confined to transfers of capital assets on amalgamation and inapplicable where the assessee's shares in the amalgamating company were held as stock-in-trade; in such cases, taxability is governed by Section 28 as business income. For Section 28, mere sanction/appointed date does not trigger charge; the taxable event arises only on actual allotment of new shares, and only if the substituted shares confer a real, presently realisable commercial benefit with ascertainable value. Whether the shares were stock-in-trade or investment, and whether the allotted shares were freely realisable/subject to restrictions, was treated as fact-dependent with burden on Revenue; matter was remitted to the Tribunal, while the legal principle was decided in Revenue's favour and the HC judgment affirmed. - SC
Section 47(vii) exemption was held confined to transfers of capital assets on amalgamation and inapplicable where the assessee's shares in the amalgamating company were held as stock-in-trade; in such cases, taxability is governed by Section 28 as business income. For Section 28, mere sanction/appointed date does not trigger charge; the taxable event arises only on actual allotment of new shares, and only if the substituted shares confer a real, presently realisable commercial benefit with ascertainable value. Whether the shares were stock-in-trade or investment, and whether the allotted shares were freely realisable/subject to restrictions, was treated as fact-dependent with burden on Revenue; matter was remitted to the Tribunal, while the legal principle was decided in Revenue's favour and the HC judgment affirmed. - SC
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