Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
Customs valuation and classification require comparable evidence and assessment of imported goods in their actual condition, invalidating related pena...
The substituted definition of "specified sum" in the Explanation to the cash-receipt provision, introduced by the Finance Act, 2023 with effect from 01.04.2023, could not be applied to assessment year 2013-14. The Tribunal held that the Assessing Officer's reliance on that amended definition for cash advances received in a residential project was legally impermissible. As a result, the application of the cash-acceptance provision to the transaction was authority of law, and the consequential penalty for such cash acceptance could not survive; the penalty and appellate orders were quashed.
The substituted definition of "specified sum" in the Explanation to the cash-receipt provision, introduced by the Finance Act, 2023 with effect from 01.04.2023, could not be applied to assessment year 2013-14. The Tribunal held that the Assessing Officer's reliance on that amended definition for cash advances received in a residential project was legally impermissible. As a result, the application of the cash-acceptance provision to the transaction was authority of law, and the consequential penalty for such cash acceptance could not survive; the penalty and appellate orders were quashed.
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