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...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
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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