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...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Civil and electrical works incurred to render a newly acquired residential flat habitable were treated as allowable cost of improvement because the record showed the flat was not habitable on purchase, and the ad hoc restriction of the claim was unsustainable. Under the unamended section 54, deduction could not be denied merely because the capital gain was invested in more than one residential house, as the single-house restriction applied only prospectively from 1 April 2015. The unspent amount deposited in the Capital Gains Account Scheme under section 54(2) was also not taxable in the assessment year, since any disallowance could arise only after expiry of the prescribed three-year period.
Civil and electrical works incurred to render a newly acquired residential flat habitable were treated as allowable cost of improvement because the record showed the flat was not habitable on purchase, and the ad hoc restriction of the claim was unsustainable. Under the unamended section 54, deduction could not be denied merely because the capital gain was invested in more than one residential house, as the single-house restriction applied only prospectively from 1 April 2015. The unspent amount deposited in the Capital Gains Account Scheme under section 54(2) was also not taxable in the assessment year, since any disallowance could arise only after expiry of the prescribed three-year period.
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