Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Consideration received on surrender of tenancy rights was treated as arising from a capital asset, so its taxability had to be examined under Capital Gains. Even where the cost of acquisition was said to be unascertainable or nil, the receipt could not be re-characterised and taxed under the residuary head of Income from Other Sources. The Tribunal relied on the established principle that failure of capital gains computation does not permit shifting a capital receipt to a different head of income, and upheld deletion of the addition. The tenancy and surrender agreements were on record, with no adverse finding on their genuineness.
Consideration received on surrender of tenancy rights was treated as arising from a capital asset, so its taxability had to be examined under Capital Gains. Even where the cost of acquisition was said to be unascertainable or nil, the receipt could not be re-characterised and taxed under the residuary head of Income from Other Sources. The Tribunal relied on the established principle that failure of capital gains computation does not permit shifting a capital receipt to a different head of income, and upheld deletion of the addition. The tenancy and surrender agreements were on record, with no adverse finding on their genuineness.
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