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 ...
Imposition of penalty - Smuggling - Gold bars of foreign origin - illegally imported goods - CESTAT held that, once the two Appellants disputed the fact of recovery of confiscated gold bars from them and also disputed the panchnama dated 30.03.2019, the panch witnesses were required to be offered for cross-examination so that the truth of the contents of the panchnama and the recovery made from the two Appellants could have been established. The Revenue has also not got the confiscated gold bars tested by touchstone method to test the purity of the confiscated gold bars. Consequently, the tribunal set aside the penalties and dropped the proceedings.
Imposition of penalty - Smuggling - Gold bars of foreign origin - illegally imported goods - CESTAT held that, once the two Appellants disputed the fact of recovery of confiscated gold bars from them and also disputed the panchnama dated 30.03.2019, the panch witnesses were required to be offered for cross-examination so that the truth of the contents of the panchnama and the recovery made from the two Appellants could have been established. The Revenue has also not got the confiscated gold bars tested by touchstone method to test the purity of the confiscated gold bars. Consequently, the tribunal set aside the penalties and dropped the proceedings.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
