Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
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A subsidy received under the Jammu & Kashmir New Industrial Policy by way of GST/excise duty refund was treated as a capital receipt not chargeable to tax. The Tribunal noted that a claim raised only through a revised computation, and not in the return or a revised return, was not entertainable by the Assessing Officer. On merits, it examined the Industrial Policy dated 14.06.2002 and Notification No. 56/2002, applied the reasoning in Gravita Metal Inc., and found the refund incentive to be an exemption for a specified period rather than a revenue receipt. The appeal was allowed.
A subsidy received under the Jammu & Kashmir New Industrial Policy by way of GST/excise duty refund was treated as a capital receipt not chargeable to tax. The Tribunal noted that a claim raised only through a revised computation, and not in the return or a revised return, was not entertainable by the Assessing Officer. On merits, it examined the Industrial Policy dated 14.06.2002 and Notification No. 56/2002, applied the reasoning in Gravita Metal Inc., and found the refund incentive to be an exemption for a specified period rather than a revenue receipt. The appeal was allowed.
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