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Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Taxation of goods in a works contract is governed by the principle that the taxable event is the transfer of property in goods incorporated in the works and the taxable value is the value of those goods at the time of incorporation. Applying the transformation and marketability tests, fabricated steel superstructures/triangulated girders were held to be commercially distinct, marketable goods whose value included embedded fabrication, transportation, launching and erection costs; accordingly they were taxable as unspecified goods and most claimed fabrication-related deductions were disallowed. Reassessment under Section 31 BVAT was held within jurisdiction where recorded satisfaction existed on the material before the assessing officer.
Taxation of goods in a works contract is governed by the principle that the taxable event is the transfer of property in goods incorporated in the works and the taxable value is the value of those goods at the time of incorporation. Applying the transformation and marketability tests, fabricated steel superstructures/triangulated girders were held to be commercially distinct, marketable goods whose value included embedded fabrication, transportation, launching and erection costs; accordingly they were taxable as unspecified goods and most claimed fabrication-related deductions were disallowed. Reassessment under Section 31 BVAT was held within jurisdiction where recorded satisfaction existed on the material before the assessing officer.
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