Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Sale of a used car constitutes an outward supply in the course of business and is taxable under GST; the margin-based valuation for second hand goods (Rule 32/Notification No.8/2018) is inapplicable because the seller does not deal in buying and selling of second hand goods and the vehicle was originally purchased as new. Input tax credit on motor vehicles is blocked, and therefore the supply must be valued on transaction value under Section 15(1) with tax payable on the full consideration received rather than on any margin or profit.
Sale of a used car constitutes an outward supply in the course of business and is taxable under GST; the margin-based valuation for second hand goods (Rule 32/Notification No.8/2018) is inapplicable because the seller does not deal in buying and selling of second hand goods and the vehicle was originally purchased as new. Input tax credit on motor vehicles is blocked, and therefore the supply must be valued on transaction value under Section 15(1) with tax payable on the full consideration received rather than on any margin or profit.
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