Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Jurisdictional facts in certificate-of-origin discrepancies can support customs show-cause proceedings, leaving factual explanations for departmental ...
Receipts from sale of fly ash were held taxable as business income because fly ash was a by-product of the assessee's power generation business and the sale consideration accrued directly to the assessee. The Tribunal found no diversion of income at source by overriding title; the Government notification restricted only the subsequent use of the amounts after receipt, which amounted merely to application of income. The plea that the credited sum was a liability failed because no enforceable obligation to pay a definite third-party amount was shown, and book entries placing the receipts in a separate fund could not override the Act. The Revenue's appeals were allowed and the addition was restored for both years.
Receipts from sale of fly ash were held taxable as business income because fly ash was a by-product of the assessee's power generation business and the sale consideration accrued directly to the assessee. The Tribunal found no diversion of income at source by overriding title; the Government notification restricted only the subsequent use of the amounts after receipt, which amounted merely to application of income. The plea that the credited sum was a liability failed because no enforceable obligation to pay a definite third-party amount was shown, and book entries placing the receipts in a separate fund could not override the Act. The Revenue's appeals were allowed and the addition was restored for both years.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4813 
Join Channel 
