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...
Rule 11UA(2) permits an assessee to choose either the NAV or DCF method for valuing unquoted equity shares. Where the NAV method is selected and the audited-financial-statement computation is not disputed, income-tax authorities may scrutinise the valuation only within that method and cannot substitute another approach; a share-premium addition based on rejecting the NAV valuation is therefore unsustainable. Income-tax authorities cannot sustain such an addition by determining alleged FEMA contraventions, particularly where no competent FEMA authority has alleged a violation. A right-share issue is not a colourable device without a demonstrated tax benefit or unaccounted-money element. The share-premium addition was directed to be deleted.
Rule 11UA(2) permits an assessee to choose either the NAV or DCF method for valuing unquoted equity shares. Where the NAV method is selected and the audited-financial-statement computation is not disputed, income-tax authorities may scrutinise the valuation only within that method and cannot substitute another approach; a share-premium addition based on rejecting the NAV valuation is therefore unsustainable. Income-tax authorities cannot sustain such an addition by determining alleged FEMA contraventions, particularly where no competent FEMA authority has alleged a violation. A right-share issue is not a colourable device without a demonstrated tax benefit or unaccounted-money element. The share-premium addition was directed to be deleted.
Note: It is a system-generated summary and is for quick reference only.
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