Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
A High Court held that supply of solar power generating systems under the relevant notifications is governed by the 70:30 deemed valuation mechanism, under which 70% of the gross consideration is treated as goods taxable at 5% and 30% as services taxable at 18%. It rejected the revenue's contention that separate invoices for goods and services excluded the supply from this treatment, finding that the notifications contemplate such composite supplies and that contractual supply could not be displaced by invoicing alone. The assessment was also unsustainable because no separate valuation of goods and services had been undertaken before taxing the entire turnover at 18%. The differential levy was set aside.
A High Court held that supply of solar power generating systems under the relevant notifications is governed by the 70:30 deemed valuation mechanism, under which 70% of the gross consideration is treated as goods taxable at 5% and 30% as services taxable at 18%. It rejected the revenue's contention that separate invoices for goods and services excluded the supply from this treatment, finding that the notifications contemplate such composite supplies and that contractual supply could not be displaced by invoicing alone. The assessment was also unsustainable because no separate valuation of goods and services had been undertaken before taxing the entire turnover at 18%. The differential levy was set aside.
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