Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
The article addresses whether an additional levy in the nature of a surcharge is payable over the tax on taxable turnover of declared goods: it explains that the tax on declared goods is prescribed at a concessional rate for sales against the prescribed declaration and that Section 7 confines the rate and mode of that levy; however a separate provision commencing with a non-obstante clause imposes an additional tax calculated on the tax payable, so the surcharge is a distinct levy with its own taxable event, person, rate and measure and is therefore leviable in addition to the tax, subject to the statutory aggregate ceiling aligning with central law.
The article addresses whether an additional levy in the nature of a surcharge is payable over the tax on taxable turnover of declared goods: it explains that the tax on declared goods is prescribed at a concessional rate for sales against the prescribed declaration and that Section 7 confines the rate and mode of that levy; however a separate provision commencing with a non-obstante clause imposes an additional tax calculated on the tax payable, so the surcharge is a distinct levy with its own taxable event, person, rate and measure and is therefore leviable in addition to the tax, subject to the statutory aggregate ceiling aligning with central law.
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