Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Imported cement qualified for concessional CVD under Clause 1C because the decisive test was whether it was intended for retail sale, not merely whether it was packed in 50 kg bags or bore a printed RSP. The department had no evidence of actual retail sale, and supply only to industrial and institutional consumers supported the benefit. Reassessment by substituting a contemporaneous RSP was rejected because no proper valuation exercise under customs law was shown and the dispute was not one of transaction value. The extended limitation also failed, as assessed Bills of Entry had been scrutinised by officers and no wilful suppression or misstatement was proved, so duty, interest and penalty could not stand.
Imported cement qualified for concessional CVD under Clause 1C because the decisive test was whether it was intended for retail sale, not merely whether it was packed in 50 kg bags or bore a printed RSP. The department had no evidence of actual retail sale, and supply only to industrial and institutional consumers supported the benefit. Reassessment by substituting a contemporaneous RSP was rejected because no proper valuation exercise under customs law was shown and the dispute was not one of transaction value. The extended limitation also failed, as assessed Bills of Entry had been scrutinised by officers and no wilful suppression or misstatement was proved, so duty, interest and penalty could not stand.
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