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...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
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Annual election between the Income-tax Act and the applicable tax treaty permits an assessee to select the more beneficial regime independently for each assessment year, with no identified bar on changing that option across years. Where treaty treatment under the India-Mauritius DTAA renders capital gains non-taxable in India, earlier short-term capital losses validly carried forward need not be set off against those exempt gains. Those losses may therefore continue to be carried forward. The Revenue's challenge to further carry forward of the losses failed on merits, while the reassessment challenge became infructuous.
Annual election between the Income-tax Act and the applicable tax treaty permits an assessee to select the more beneficial regime independently for each assessment year, with no identified bar on changing that option across years. Where treaty treatment under the India-Mauritius DTAA renders capital gains non-taxable in India, earlier short-term capital losses validly carried forward need not be set off against those exempt gains. Those losses may therefore continue to be carried forward. The Revenue's challenge to further carry forward of the losses failed on merits, while the reassessment challenge became infructuous.
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