Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
Limitation in customs appeals permits exclusion for bona fide refund proceedings, enabling restoration of Bill of Entry assessment challenges on merit...
Warehousing permission requires deposit at the designated bonded warehouse; unauthorised diversion triggers confiscation, redemption fine and importer...
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For AY 2009-10, the pre-amendment position on reference to a Valuation Officer governed the computation of capital gains. Where the assessee adopted the fair market value of the property as on 01.04.1981 on the basis of a registered valuer's report, the Assessing Officer had no authority to make a reference merely to reduce that value. On that footing, the Valuation Officer's report was held irrelevant for recomputing long-term capital gains, and the resulting addition was deleted. The alternate contention on tolerance in sale consideration was not examined because the primary issue was ative.
For AY 2009-10, the pre-amendment position on reference to a Valuation Officer governed the computation of capital gains. Where the assessee adopted the fair market value of the property as on 01.04.1981 on the basis of a registered valuer's report, the Assessing Officer had no authority to make a reference merely to reduce that value. On that footing, the Valuation Officer's report was held irrelevant for recomputing long-term capital gains, and the resulting addition was deleted. The alternate contention on tolerance in sale consideration was not examined because the primary issue was ative.
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