Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Capital gains on an assessee's mortgaged immovable property are computed on the full sale consideration, less admitted deductions, even where a secured creditor sells the property in recovery proceedings and appropriates all proceeds toward another borrower's debt. Appreciation in the owner's property value triggers the charge; a distress sale under an enforceable mortgage or attachment does not alter the computation. The owner's non-receipt of proceeds does not remove liability where the mortgage was voluntarily created with knowledge of default consequences. The capital gains assessment therefore remains sustainable.
Capital gains on an assessee's mortgaged immovable property are computed on the full sale consideration, less admitted deductions, even where a secured creditor sells the property in recovery proceedings and appropriates all proceeds toward another borrower's debt. Appreciation in the owner's property value triggers the charge; a distress sale under an enforceable mortgage or attachment does not alter the computation. The owner's non-receipt of proceeds does not remove liability where the mortgage was voluntarily created with knowledge of default consequences. The capital gains assessment therefore remains sustainable.
Note: It is a system-generated summary and is for quick reference only.
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