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...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Capital gains must be computed under the integrated scheme of sections 45, 48 and 55, so the entire sale consideration cannot be taxed as long-term capital gain where the asset was acquired before 01.04.2001. The assessee was entitled to exercise the statutory option under section 55(2)(b) to adopt fair market value as on 01.04.2001 as the cost of acquisition, and the valuation reports filed through a Government Approved Valuer had to be examined on merits. The matter was remanded for verification of the valuation claims, including the MIDC transfer premium relating to leasehold rights, and for recomputation of capital gains after due hearing.
Capital gains must be computed under the integrated scheme of sections 45, 48 and 55, so the entire sale consideration cannot be taxed as long-term capital gain where the asset was acquired before 01.04.2001. The assessee was entitled to exercise the statutory option under section 55(2)(b) to adopt fair market value as on 01.04.2001 as the cost of acquisition, and the valuation reports filed through a Government Approved Valuer had to be examined on merits. The matter was remanded for verification of the valuation claims, including the MIDC transfer premium relating to leasehold rights, and for recomputation of capital gains after due hearing.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
