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...
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Agreement for sale creating an enforceable right and accompanied by substantial advance consideration and irrevocable commitment was held to constitute a transfer under the statutory definition, because it created a right in personam enabling specific performance; consequently the earlier purchase within one year prior to that date qualified for the capital gains exemption on acquisition. The legal test applied emphasised creation of enforceable rights and transfer of possession or rights to enforce the agreement as determinative of the date of transfer and entitlement to exemption.
Agreement for sale creating an enforceable right and accompanied by substantial advance consideration and irrevocable commitment was held to constitute a transfer under the statutory definition, because it created a right in personam enabling specific performance; consequently the earlier purchase within one year prior to that date qualified for the capital gains exemption on acquisition. The legal test applied emphasised creation of enforceable rights and transfer of possession or rights to enforce the agreement as determinative of the date of transfer and entitlement to exemption.
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