Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Section 56(2)(ix) applies only when both statutory conditions coexist: a sum is received as an advance during negotiations for transfer of a capital asset, and the sum is subsequently forfeited because the transfer does not occur. Advances provided for locating, procuring and acquiring land for business projects were characterised as relating to stock-in-trade, rather than a capital asset, and therefore fell outside the provision. Mere lapse of time and absence of a refund claim did not establish forfeiture, particularly where the amounts remained recorded as liabilities and were confirmed by the payers. The addition was consequently deleted, and the Revenue's appeal was dismissed.
Section 56(2)(ix) applies only when both statutory conditions coexist: a sum is received as an advance during negotiations for transfer of a capital asset, and the sum is subsequently forfeited because the transfer does not occur. Advances provided for locating, procuring and acquiring land for business projects were characterised as relating to stock-in-trade, rather than a capital asset, and therefore fell outside the provision. Mere lapse of time and absence of a refund claim did not establish forfeiture, particularly where the amounts remained recorded as liabilities and were confirmed by the payers. The addition was consequently deleted, and the Revenue's appeal was dismissed.
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