Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Depreciation on glow sign boards and oxygen gas cylinders was rejected by the Assessing Officer, holding that the transaction on the last day of the accounting year cannot constitute business, and glow sign boards were advertising material, not plant. The ITAT held that sale proceeds of an asset on which deduction u/s 32(1)(ii) was claimed and allowed are required to be taxed as short-term capital gain u/s 50. The Supreme Court decision in Nectar Beverages case clarified that bottles and crates purchased before 31.03.1995 did not form part of the block of assets, and profits on their sale were not taxable as balancing charge u/s 41(1) or Section 50. However, for bottles and crates purchased after 01.04.1995, due to deletion of proviso to Section 31(1)(ii), such assets formed part of the block of assets and were exigible to capital gains tax u/s 50. The question of law was answered in favor of the assessee, holding that the Tribunal was incorrect in ruling that sale proceeds of an asset on which deduction u/s 32(1)(ii) was claimed and allowed are required to be taxed as short-term capital gain u/s 50.
Depreciation on glow sign boards and oxygen gas cylinders was rejected by the Assessing Officer, holding that the transaction on the last day of the accounting year cannot constitute business, and glow sign boards were advertising material, not plant. The ITAT held that sale proceeds of an asset on which deduction u/s 32(1)(ii) was claimed and allowed are required to be taxed as short-term capital gain u/s 50. The Supreme Court decision in Nectar Beverages case clarified that bottles and crates purchased before 31.03.1995 did not form part of the block of assets, and profits on their sale were not taxable as balancing charge u/s 41(1) or Section 50. However, for bottles and crates purchased after 01.04.1995, due to deletion of proviso to Section 31(1)(ii), such assets formed part of the block of assets and were exigible to capital gains tax u/s 50. The question of law was answered in favor of the assessee, holding that the Tribunal was incorrect in ruling that sale proceeds of an asset on which deduction u/s 32(1)(ii) was claimed and allowed are required to be taxed as short-term capital gain u/s 50.
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