Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Cancellation of MEIS scrips - Re- classification of the goods - Export of “Lamda Cyhalothrin Technical” - The Tribunal upheld the appellant's classification, emphasizing that only DGFT had the authority to cancel MEIS scrips. The Customs Department lacked the power to invalidate exports based on alleged misclassification. The Tribunal reiterated that customs authorities cannot invalidate exports or cancel MEIS scrips without DGFT's action. They emphasized the need for DGFT to follow due procedure under the FTDR Act and FTP for such cancellations. The Tribunal affirmed the separation of roles between customs and licensing authorities. Customs authorities should not interfere with licensing policies or reclassify goods after valid licenses are issued.
Cancellation of MEIS scrips - Re- classification of the goods - Export of “Lamda Cyhalothrin Technical” - The Tribunal upheld the appellant's classification, emphasizing that only DGFT had the authority to cancel MEIS scrips. The Customs Department lacked the power to invalidate exports based on alleged misclassification. The Tribunal reiterated that customs authorities cannot invalidate exports or cancel MEIS scrips without DGFT's action. They emphasized the need for DGFT to follow due procedure under the FTDR Act and FTP for such cancellations. The Tribunal affirmed the separation of roles between customs and licensing authorities. Customs authorities should not interfere with licensing policies or reclassify goods after valid licenses are issued.
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