Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Capital gains under sections 45 and 48 are to be computed asset-wise, so each transfer of a long-term capital asset is a distinct source of gain. On that basis, section 54 exemption must be examined with reference to each transferred residential house and not by aggregating gains from multiple sales into one composite figure for investment in only one new house. The proviso allowing investment in two residential houses, where the capital gain does not exceed the prescribed limit, also operates transfer-wise. As the assessee sold multiple flats and invested in several residential houses, the statutory condition was not breached and the full section 54 claim was allowed; the earlier consistent treatment of the same claim supported this result.
Capital gains under sections 45 and 48 are to be computed asset-wise, so each transfer of a long-term capital asset is a distinct source of gain. On that basis, section 54 exemption must be examined with reference to each transferred residential house and not by aggregating gains from multiple sales into one composite figure for investment in only one new house. The proviso allowing investment in two residential houses, where the capital gain does not exceed the prescribed limit, also operates transfer-wise. As the assessee sold multiple flats and invested in several residential houses, the statutory condition was not breached and the full section 54 claim was allowed; the earlier consistent treatment of the same claim supported this result.
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