Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Strict interpretation of exemption notifications required the imported camera modules to satisfy both the tariff classification and the descriptive condition in Notification No. 11/2018-Cus. Although classification under tariff item 85258020 was not disputed, the modules were only parts of mobile phones in their imported condition and lacked the features of an independently functioning digital still image video camera. The Tribunal held that assembly into a phone could not convert the parts into the exempted product, and that a separate withdrawal of BCD relief did not establish equivalence. The exemption from Social Welfare Surcharge was therefore denied, and the demand, extended period, penalty, and confiscation were sustained.
Strict interpretation of exemption notifications required the imported camera modules to satisfy both the tariff classification and the descriptive condition in Notification No. 11/2018-Cus. Although classification under tariff item 85258020 was not disputed, the modules were only parts of mobile phones in their imported condition and lacked the features of an independently functioning digital still image video camera. The Tribunal held that assembly into a phone could not convert the parts into the exempted product, and that a separate withdrawal of BCD relief did not establish equivalence. The exemption from Social Welfare Surcharge was therefore denied, and the demand, extended period, penalty, and confiscation were sustained.
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