Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
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.
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