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...
Transferable development rights received in exchange for surrendering land and building to a municipal authority have an ascertainable cost of acquisition: the cost attributable to the surrendered property. Their subsequent cash sale is therefore chargeable as capital gains, unlike self-generated development rights arising without transfer of an identified asset. Where a scrutiny notice merely identifies a refund claim for verification and does not specify limited scrutiny, the assessment may extend to the taxability of such rights. Non-taxation of similar receipts in another taxpayer's assessment does not create parity or estoppel against correct application of tax law. Capital gains must be recomputed after allowing the attributable acquisition cost.
Transferable development rights received in exchange for surrendering land and building to a municipal authority have an ascertainable cost of acquisition: the cost attributable to the surrendered property. Their subsequent cash sale is therefore chargeable as capital gains, unlike self-generated development rights arising without transfer of an identified asset. Where a scrutiny notice merely identifies a refund claim for verification and does not specify limited scrutiny, the assessment may extend to the taxability of such rights. Non-taxation of similar receipts in another taxpayer's assessment does not create parity or estoppel against correct application of tax law. Capital gains must be recomputed after allowing the attributable acquisition cost.
Note: It is a system-generated summary and is for quick reference only.
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