Educational approval requires mandatory State registration, but incidental surplus and trustee-owned land do not prove private benefit or profit motiv...
Judicial review of settlement orders cannot reopen settled customs notices, while statutory interest remains subject to verification and quantificatio...
Customs Broker licence lending for consideration justified revocation where exporter authorisation and client verification obligations were also breac...
Fraudulent import documents suspend limitation protection, while redemption of confiscated goods requires duty and interest despite bona fide purchase...
ODR arbitration participation remains mandatory after failed conciliation, while jurisdictional and maintainability objections stay available before t...
Transparency in technical bid evaluation requires disclosed standards and recorded reasons; opaque scoring invalidated tender awards and required fres...
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 4809 
Join Channel 
