Limitation in customs appeals permits exclusion for bona fide refund proceedings, enabling restoration of Bill of Entry assessment challenges on merit...
Warehousing permission requires deposit at the designated bonded warehouse; unauthorised diversion triggers confiscation, redemption fine and importer...
Consideration received for granting development rights under a redevelopment agreement was treated as capital gains because the payment was directly linked to transfer of valuable development rights, which are capital assets; mere retention of rights in the redeveloped premises did not negate the transfer, and the developer's accounting treatment was irrelevant. As the receipt was referable to transfer of a capital asset, it could not be assessed under the residuary head of income. On that basis, the related exemption for investment in REC bonds was allowed, subject to verification of the statutory conditions.
Consideration received for granting development rights under a redevelopment agreement was treated as capital gains because the payment was directly linked to transfer of valuable development rights, which are capital assets; mere retention of rights in the redeveloped premises did not negate the transfer, and the developer's accounting treatment was irrelevant. As the receipt was referable to transfer of a capital asset, it could not be assessed under the residuary head of income. On that basis, the related exemption for investment in REC bonds was allowed, subject to verification of the statutory conditions.
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