Commission expenditure linked to pharmaceutical marketing income qualifies as business deduction when recipient identity, genuineness and business pur...
Country of Origin Certificates and declared transaction value supported preferential customs exemption where authenticity and invoice prices remained ...
A joint development agreement does not, by itself, create a taxable works contract for the landowner's share: VAT can arise only from the developer's construction obligations once agreements with flat purchasers are executed for monetary consideration. An exchange of an undivided share in land for a corresponding built-up share is barter, not sale, because no price moves from the landowner to the developer. Entry 54 of List II permits tax only on the goods element in a works contract, so levy on land or immovable property is outside legislative competence. A circular cannot supply a missing statutory machinery for valuation, and the composition scheme cannot enlarge taxability to non-taxable land value.
A joint development agreement does not, by itself, create a taxable works contract for the landowner's share: VAT can arise only from the developer's construction obligations once agreements with flat purchasers are executed for monetary consideration. An exchange of an undivided share in land for a corresponding built-up share is barter, not sale, because no price moves from the landowner to the developer. Entry 54 of List II permits tax only on the goods element in a works contract, so levy on land or immovable property is outside legislative competence. A circular cannot supply a missing statutory machinery for valuation, and the composition scheme cannot enlarge taxability to non-taxable land value.
Note: It is a system-generated summary and is for quick reference only.
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