Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
The Tribunal upheld that the anti abuse provision concerning receipt of shares applies to allotment as well as receipt, rejecting the argument that shares must pre exist to attract tax. Applying a wide interpretation of 'receipt', the Tribunal followed precedent holding that shares come into existence on allotment and acquisition by allotment constitutes receipt for tax purposes; consequently the appellant's challenge to the addition under the anti abuse provision was dismissed and the assessment upheld.
The Tribunal upheld that the anti abuse provision concerning receipt of shares applies to allotment as well as receipt, rejecting the argument that shares must pre exist to attract tax. Applying a wide interpretation of 'receipt', the Tribunal followed precedent holding that shares come into existence on allotment and acquisition by allotment constitutes receipt for tax purposes; consequently the appellant's challenge to the addition under the anti abuse provision was dismissed and the assessment upheld.
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