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...
Capital gains on transfer of TDR/FSI credit may not arise where the applicable law provides no ascertainable cost of acquisition and the computation mechanism therefore fails. The charging and computation provisions operate as an integrated code, consistent with the principle in CIT v. B.C. Srinivasa Setty. TDR/DRC granted under development regulations in lieu of compensation was treated as a statutory entitlement acquired without monetary expenditure, whose value remained indeterminate until utilisation. The pre-amendment deeming provision did not cover such rights, while the later inclusion of other intangible assets and rights applied only from A.Y. 2024-25 and could not retrospectively cure the gap. The land and TDR were distinct assets, so the land's value could not be treated as the TDR's cost. The reported additions for A.Y. 2016-17 were deleted.
Capital gains on transfer of TDR/FSI credit may not arise where the applicable law provides no ascertainable cost of acquisition and the computation mechanism therefore fails. The charging and computation provisions operate as an integrated code, consistent with the principle in CIT v. B.C. Srinivasa Setty. TDR/DRC granted under development regulations in lieu of compensation was treated as a statutory entitlement acquired without monetary expenditure, whose value remained indeterminate until utilisation. The pre-amendment deeming provision did not cover such rights, while the later inclusion of other intangible assets and rights applied only from A.Y. 2024-25 and could not retrospectively cure the gap. The land and TDR were distinct assets, so the land's value could not be treated as the TDR's cost. The reported additions for A.Y. 2016-17 were deleted.
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