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...
Completed auction sales of timber before 1 July 2017 remained governed by the contractual terms and the pre-GST tax regime. The High Court held that the sale was completed on the auction dates, so the purchaser's tax liability became fixed then under the accepted contract terms requiring payment of the sale price along with Forest Development Tax and Sales Tax in force at that time. The later GST regime did not substitute that liability, because the extended payment period did not postpone completion of sale and Section 64-A of the Sale of Goods Act was excluded by the contract's contrary intention. The purchaser was therefore bound to pay the balance amount, pre-GST taxes, and contractual interest; the petition was dismissed.
Completed auction sales of timber before 1 July 2017 remained governed by the contractual terms and the pre-GST tax regime. The High Court held that the sale was completed on the auction dates, so the purchaser's tax liability became fixed then under the accepted contract terms requiring payment of the sale price along with Forest Development Tax and Sales Tax in force at that time. The later GST regime did not substitute that liability, because the extended payment period did not postpone completion of sale and Section 64-A of the Sale of Goods Act was excluded by the contract's contrary intention. The purchaser was therefore bound to pay the balance amount, pre-GST taxes, and contractual interest; the petition was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
