Request-driven road restoration attracts reverse-charge GST, not governmental-function treatment or compensatory-damages status for business recipient...
Road restoration charges for commercial pipeline works are taxable Government services, with reverse charge liability and no public-function exemption...
Model-wise import cap monitoring cannot justify withholding used multifunction machines where all-India tracking is absent and full security is furnis...
Gifted unlisted shares taxed on receipt under section 56(2)(x) retain their character as assets acquired by gift for determining the holding period. The previous owner's holding period is included, so a subsequent transfer may produce long-term capital gains. However, section 49(4) separately fixes the donee's cost at the value previously taxed under section 56(2)(x); it does not carry over the prior owner's cost. Consequently, indexation of that deemed cost begins only in the financial year in which it was taxed, not in an earlier ownership period.
Gifted unlisted shares taxed on receipt under section 56(2)(x) retain their character as assets acquired by gift for determining the holding period. The previous owner's holding period is included, so a subsequent transfer may produce long-term capital gains. However, section 49(4) separately fixes the donee's cost at the value previously taxed under section 56(2)(x); it does not carry over the prior owner's cost. Consequently, indexation of that deemed cost begins only in the financial year in which it was taxed, not in an earlier ownership period.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4912 
