Charity-run tree plantation and maintenance for environmental preservation qualifies as "charitable activity", making supplies GST-exempt under Notifi...
Drawings/designs supply and erection supervision fees from German contractor: designs non-taxable; supervision taxed as FTS/PE depending on six-month ...
Explanation 3 to Section 43(1) is a deeming provision that can be invoked only after the assessing officer records satisfaction that the transfer's dominant purpose was reduction of tax liability and obtains prior approval of the Joint Commissioner; both conditions are mandatory and the burden of proof is on Revenue, so substituting the assessee's declared cost for second hand machinery was legally unsustainable and depreciation was allowed. Separately, a notice under section 143(2) issued within time is not vitiated merely because it omitted the scrutiny category where the assessee participated and no prejudice was shown, so the challenge to the notice failed.
Explanation 3 to Section 43(1) is a deeming provision that can be invoked only after the assessing officer records satisfaction that the transfer's dominant purpose was reduction of tax liability and obtains prior approval of the Joint Commissioner; both conditions are mandatory and the burden of proof is on Revenue, so substituting the assessee's declared cost for second hand machinery was legally unsustainable and depreciation was allowed. Separately, a notice under section 143(2) issued within time is not vitiated merely because it omitted the scrutiny category where the assessee participated and no prejudice was shown, so the challenge to the notice failed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
