Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
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 
TaxTMI 
of 4814 
Join Channel 
