Person chargeable with duty must be the importer at importation; subsequent purchasers cannot be held liable where beneficial owner rules did not appl...
Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Dividend stripping on mutual fund units: the ITAT held that dividend could not be treated as a return of capital or deducted from cost of acquisition without a specific statutory basis. Section 94's anti-dividend stripping rule applies only when its conditions are cumulatively satisfied; here, the required purchase and sale timing conditions were not both met, so the provision was inapplicable. General survey findings and alleged SEBI violations, without material linking the assessee to manipulation, did not justify branding the transaction as sham. The addition was deleted on merits.
Dividend stripping on mutual fund units: the ITAT held that dividend could not be treated as a return of capital or deducted from cost of acquisition without a specific statutory basis. Section 94's anti-dividend stripping rule applies only when its conditions are cumulatively satisfied; here, the required purchase and sale timing conditions were not both met, so the provision was inapplicable. General survey findings and alleged SEBI violations, without material linking the assessee to manipulation, did not justify branding the transaction as sham. The addition was deleted on merits.
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