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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...
The tribunal held that for quantification of deduction u/s 54F of the Income Tax Act, the actual sale consideration received or accruing from transfer of the original capital asset and invested towards purchase/construction of a new residential house would be considered, and not the deemed sale consideration adopted for stamp duty valuation u/s 50C. The term "net consideration" in Section 54F refers to the actual sale proceeds, not the deemed value. The assessing officer was directed to recompute the long-term capital gains liable to tax after allowing deduction u/s 54F based on the actual sale consideration invested in the new residential property, subject to fulfillment of other conditions.
The tribunal held that for quantification of deduction u/s 54F of the Income Tax Act, the actual sale consideration received or accruing from transfer of the original capital asset and invested towards purchase/construction of a new residential house would be considered, and not the deemed sale consideration adopted for stamp duty valuation u/s 50C. The term "net consideration" in Section 54F refers to the actual sale proceeds, not the deemed value. The assessing officer was directed to recompute the long-term capital gains liable to tax after allowing deduction u/s 54F based on the actual sale consideration invested in the new residential property, subject to fulfillment of other conditions.
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