Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
