Whether the usage of foreign Associated Enterprise (AE) brand name on the cars manufactured and sold by the tax payer amounted to rendering of brand promotion service, and whether it constituted an international transaction under section 92B of the Income-tax Act, 1961(Act).
Demand and Recovery procedures are basically for department to provide them a framework or methodology in order to raise a demand in the cases where any tax, interest or penalty are not paid and subsequent recovery in case of non-payment by the assessee.
The first question that we need to decide is whether the benefit accruing to the HMC Korea, as a result of increased brand value due to sale of Hyundai cars in India by the assessee company, constitutes an international transaction.
Characteristically, companies have various levels or hierarchies of employees with base levels starting from workers followed by supervisors, executives, managers, senior managers, general managers, to the top management usually consisting of functional directors and ultimately the managing director.
This court is of the opinion that the material found was sketchy and insufficient to warrant a fresh valuation. In any case, the AO‟s order did not even go by the valuation report, but on an entirely different footing- not based on any principle at all.
GST is a consumption / destination based tax wherein tax revenue should go to the state where goods/services have been consumed. In technical term such state is determined based on provisions of place of supply (POS) elaborated in Section 10, 11, 12 & 13 of the IGST Law.
The GST law contains a unique provision on anti-profiteering measure as a deterrent for trade and industry to enjoy unjust enrichment in terms of profit arising out of implementation of Goods and Services Tax in India, i.e., anti-profiteering measure would obligate the businesses to pass on the cost benefit arising out of GST implementation to their customers.
During the assessment of judgments of Judicial Officers, it is noticed that many Judicial Officers have reproduced the Head Note/Placitum from the relevant Journals relating to High Court/ Supreme Court judgments. Needless to mention that the Head Note is a creation of the Edition Board.
All companies required to transfer shares to IEPF Authority under the aforesaid Rules shall transfer such shares, whether held in dematerialised form or physical form,to the demat account of IEPF Authority by way of corporate action.
IFSC Banking Unit (IBU) set up in IFSC shall be permitted to act as a Trading Member of an exchange or a Professional Clearing Member of a clearing corporation in IFSC, without forming a separate company,
