Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
Tribunal applied the commercial and accounting principle that sale of stock-in-trade is recognised when possession is handed over and consideration is received, and held that later formal registration does not create accrual of business income in a subsequent year. On the undisputed facts the assessee received consideration and delivered possession in the earlier year, VAT assessment corroborated that recognition, and the assessing officer failed to demonstrate any accrual in the impugned year. A provision akin to replacement-value assessment was inapplicable where no transfer occurred in the impugned year, and the same income cannot be taxed twice; revenue's appeal was dismissed.
Tribunal applied the commercial and accounting principle that sale of stock-in-trade is recognised when possession is handed over and consideration is received, and held that later formal registration does not create accrual of business income in a subsequent year. On the undisputed facts the assessee received consideration and delivered possession in the earlier year, VAT assessment corroborated that recognition, and the assessing officer failed to demonstrate any accrual in the impugned year. A provision akin to replacement-value assessment was inapplicable where no transfer occurred in the impugned year, and the same income cannot be taxed twice; revenue's appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
