Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
ITAT held that indexed cost of improvement for an old developed residential property could not be rejected merely because old bills and vouchers were unavailable. As the registered sale deed and stamp valuation records showed a substantial superstructure, the cost of construction and improvement had to be recomputed on a reasonable basis using the covered area and applicable PWD rates, with consequential indexation. On section 54, the Tribunal held that the assessee was entitled to deduction on the full eligible investment in the new leasehold residential property because the funds were wholly from the assessee and joint naming of the husband did not limit the claim. Optional club membership charges were excluded from eligible cost.
ITAT held that indexed cost of improvement for an old developed residential property could not be rejected merely because old bills and vouchers were unavailable. As the registered sale deed and stamp valuation records showed a substantial superstructure, the cost of construction and improvement had to be recomputed on a reasonable basis using the covered area and applicable PWD rates, with consequential indexation. On section 54, the Tribunal held that the assessee was entitled to deduction on the full eligible investment in the new leasehold residential property because the funds were wholly from the assessee and joint naming of the husband did not limit the claim. Optional club membership charges were excluded from eligible cost.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
