Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Cross country pipeline classification and ITC entitlement: pipelines outside factory treated as immovable, ITC disallowed under Section 17 restriction...
Vacant unsold flats and shops held as stock-in-trade were treated as taxable under the head income from house property on a notional annual letting value basis, with computation required to follow municipal rateable value principles rather than an ad hoc percentage of investment. Unsupported business promotion expenditure was disallowed because no bills, vouchers or other documentary evidence were produced. The addition under section 43CA was deleted for assessment year 2017-18 because the variation between consideration and stamp valuation fell within the applicable tolerance band, which was held to apply retrospectively as a curative measure.
Vacant unsold flats and shops held as stock-in-trade were treated as taxable under the head income from house property on a notional annual letting value basis, with computation required to follow municipal rateable value principles rather than an ad hoc percentage of investment. Unsupported business promotion expenditure was disallowed because no bills, vouchers or other documentary evidence were produced. The addition under section 43CA was deleted for assessment year 2017-18 because the variation between consideration and stamp valuation fell within the applicable tolerance band, which was held to apply retrospectively as a curative measure.
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