Person chargeable with duty must be the importer at importation; subsequent purchasers cannot be held liable where beneficial owner rules did not appl...
Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
The ITAT held that the land sold was agricultural land situated beyond the specified municipal limits and retained its agricultural character on the date of transfer, as shown by revenue records, Talati certificate, 7/12 extracts, Google Map evidence and agricultural produce details. It therefore was not a capital asset, and the long-term capital gain addition was deleted. On the same footing, section 50C was held inapplicable because the deeming valuation provision applies only to transfer of a capital asset; the stamp value addition was deleted. The Tribunal also deleted the addition for alleged on-money, holding that any cash receipt from the same agricultural land sale could not be taxed separately as unexplained money. Inconsistent treatment with co-owners in the same transaction was found impermissible.
The ITAT held that the land sold was agricultural land situated beyond the specified municipal limits and retained its agricultural character on the date of transfer, as shown by revenue records, Talati certificate, 7/12 extracts, Google Map evidence and agricultural produce details. It therefore was not a capital asset, and the long-term capital gain addition was deleted. On the same footing, section 50C was held inapplicable because the deeming valuation provision applies only to transfer of a capital asset; the stamp value addition was deleted. The Tribunal also deleted the addition for alleged on-money, holding that any cash receipt from the same agricultural land sale could not be taxed separately as unexplained money. Inconsistent treatment with co-owners in the same transaction was found impermissible.
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