Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Under the project completion method, only costs that directly bring inventory to its present location and condition may be included in work-in-progress. Expenditure on advertisement, business promotion and commission to agents was treated as promotional and general business outgoings, so it remained revenue expenditure in the year incurred and could not be loaded into project cost merely because revenue had not yet been recognised. By contrast, loan processing charges and security expenses were found to be project-specific and directly connected with the project, so they had to be capitalised as part of work-in-progress.
Under the project completion method, only costs that directly bring inventory to its present location and condition may be included in work-in-progress. Expenditure on advertisement, business promotion and commission to agents was treated as promotional and general business outgoings, so it remained revenue expenditure in the year incurred and could not be loaded into project cost merely because revenue had not yet been recognised. By contrast, loan processing charges and security expenses were found to be project-specific and directly connected with the project, so they had to be capitalised as part of work-in-progress.
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