Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Compensation received under an award passed by the Land Acquisition Officer u/s 24(1) of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 is not exigible to income tax under the Income Tax Act, 1961. Section 10(37) of the Income Tax Act, 1961 exempts income arising from the transfer of agricultural land by way of compulsory acquisition from capital gains tax. Circular No. 36 of 2016 issued by the Ministry of Finance clarifies that compensation received for compulsory acquisition of agricultural or non-agricultural land is exempted from income tax u/s 96 of the Land Acquisition Act, 2013, except for the amount received u/s 46. The High Court dismissed the petition as infructuous, finding no assessment order or demand notice issued by the Income Tax Authority against the petitioner.
Compensation received under an award passed by the Land Acquisition Officer u/s 24(1) of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 is not exigible to income tax under the Income Tax Act, 1961. Section 10(37) of the Income Tax Act, 1961 exempts income arising from the transfer of agricultural land by way of compulsory acquisition from capital gains tax. Circular No. 36 of 2016 issued by the Ministry of Finance clarifies that compensation received for compulsory acquisition of agricultural or non-agricultural land is exempted from income tax u/s 96 of the Land Acquisition Act, 2013, except for the amount received u/s 46. The High Court dismissed the petition as infructuous, finding no assessment order or demand notice issued by the Income Tax Authority against the petitioner.
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