Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
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Addition u/s. 56(2)(viib) - transaction of sale of agricultural land - consideration as per the stamp value - The Tribunal admitted additional evidence provided by the appellant, consisting of certificates from Municipal Authorities and Gram Panchayat, supporting the agricultural nature of the land. After considering the evidence and legal arguments, the Tribunal concluded that the land in question did not qualify as a capital asset u/s 2(14). Since the agricultural land was not categorized as a capital asset, the provisions of section 56(2)(viib) were deemed inapplicable. Consequently, the addition made by the AO under section 56(2)(viib) was deleted.
Addition u/s. 56(2)(viib) - transaction of sale of agricultural land - consideration as per the stamp value - The Tribunal admitted additional evidence provided by the appellant, consisting of certificates from Municipal Authorities and Gram Panchayat, supporting the agricultural nature of the land. After considering the evidence and legal arguments, the Tribunal concluded that the land in question did not qualify as a capital asset u/s 2(14). Since the agricultural land was not categorized as a capital asset, the provisions of section 56(2)(viib) were deemed inapplicable. Consequently, the addition made by the AO under section 56(2)(viib) was deleted.
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