Electronic certificates of origin enable preferential tariffs under the India-New Zealand FTA when format, verification, and filing requirements are m...
Customs approval for liquid cargo exports extends designated jetty operations while existing boarding station and customs area limits remain unchanged...
Mandatory compliance document verification now conditions out-of-charge clearance for imported cosmetics, drugs, and medical devices through PGA-facil...
Double taxation of turnover requires holistic verification across separately registered units and permits limited rectification of overlapping assessm...
Undisclosed 'on money' receipts are taxable only to the extent of the profit element; the profit rate is fact-specific and must be estimated from project stage, cost structure and seized material, and a 10% profit on gross on money was held reasonable on the facts. ICDS III (construction contracts) does not apply to a contractee/developer in this position, and where the assessee follows project completion/percentage of completion, estimated profit on on money is recognised in the year of execution of the sale deed or on transfer of significant risks and rewards, not necessarily on receipt of the cash.
Undisclosed 'on money' receipts are taxable only to the extent of the profit element; the profit rate is fact-specific and must be estimated from project stage, cost structure and seized material, and a 10% profit on gross on money was held reasonable on the facts. ICDS III (construction contracts) does not apply to a contractee/developer in this position, and where the assessee follows project completion/percentage of completion, estimated profit on on money is recognised in the year of execution of the sale deed or on transfer of significant risks and rewards, not necessarily on receipt of the cash.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
