Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Fire-damaged motor cars brought with a vessel for ship-breaking may be classified as scrap where extensive damage has destroyed their identity and utility as motor vehicles, and salvage arrangements restrict disposal to demolition. Such goods are not restricted commercial or passenger vehicles, usable second-hand goods, or prohibited imports; confiscation for import without a licence is therefore not attracted. Unloading requires physical removal of cargo from a vessel; berthing at a notified ship-breaking port is not unloading. Where no unauthorised removal or other statutory contravention is established, neither the scrap cargo nor the vessel carrying it is liable to confiscation, and consequential penalties are unsustainable.
Fire-damaged motor cars brought with a vessel for ship-breaking may be classified as scrap where extensive damage has destroyed their identity and utility as motor vehicles, and salvage arrangements restrict disposal to demolition. Such goods are not restricted commercial or passenger vehicles, usable second-hand goods, or prohibited imports; confiscation for import without a licence is therefore not attracted. Unloading requires physical removal of cargo from a vessel; berthing at a notified ship-breaking port is not unloading. Where no unauthorised removal or other statutory contravention is established, neither the scrap cargo nor the vessel carrying it is liable to confiscation, and consequential penalties are unsustainable.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
