Fair market value under section 50C must reflect existing property condition, not hypothetical development, and statutory valuation steps must be foll...
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Method of valuation - section 4 or 4A of CEA - Packaged Drinking Water - MRP based valuation - The CESTAT determined that packaged drinking water should not be classified as "mineral water" for the purpose of valuation under Section 4A. Despite confusion in the notifications, the court emphasized that taxation statutes cannot be interpreted based on presumptions or assumptions. It held that any ambiguity should be interpreted in favor of the assessee. Therefore, the duty demand under Section 4A could not sustain
Method of valuation - section 4 or 4A of CEA - Packaged Drinking Water - MRP based valuation - The CESTAT determined that packaged drinking water should not be classified as "mineral water" for the purpose of valuation under Section 4A. Despite confusion in the notifications, the court emphasized that taxation statutes cannot be interpreted based on presumptions or assumptions. It held that any ambiguity should be interpreted in favor of the assessee. Therefore, the duty demand under Section 4A could not sustain
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