Separate speaking orders on reopening objections are mandatory; deciding them within reassessment invalidates jurisdiction and precludes revival of st...
Compulsorily convertible debentures remain debt before conversion, preventing transfer-pricing and interest-deduction disallowances on the stated fact...
Stock-in-trade transfer taxability follows possession and consideration, not later conveyance registration, limiting deemed-value provisions to the ac...
Conditional customs duty exemption for an imported aircraft requires use solely for authorised non-scheduled charter services. Commercial operation without the required regulatory approval breaches the post-import exemption condition, making the aircraft liable to confiscation, redemption fine, consequential customs duty and penalties on the importer and responsible managing personnel. Duty following redemption of confiscated goods arises as a consequence of confiscation proceedings rather than as a non-levy or short-levy demand, so the limitation framework for such demands does not apply. Where actual freight and transit-insurance costs are available, customs valuation must use those costs rather than notional additions; duty requires recomputation on that basis.
Conditional customs duty exemption for an imported aircraft requires use solely for authorised non-scheduled charter services. Commercial operation without the required regulatory approval breaches the post-import exemption condition, making the aircraft liable to confiscation, redemption fine, consequential customs duty and penalties on the importer and responsible managing personnel. Duty following redemption of confiscated goods arises as a consequence of confiscation proceedings rather than as a non-levy or short-levy demand, so the limitation framework for such demands does not apply. Where actual freight and transit-insurance costs are available, customs valuation must use those costs rather than notional additions; duty requires recomputation on that basis.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4894 
