Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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 4827 
Join Channel 
