Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Interpretation of the phrase "reason to believe" u/s 110 of the Customs Act, which is a crucial safeguard for authorizing officers to conduct searches. The court examined the legal principles governing "reason to believe," emphasizing that it cannot be arbitrary, capricious, or whimsical, and must be based on material evidence. The officer must independently apply their mind and not merely reproduce statutory words mechanically. The reasons must be self-explanatory and cannot be supported by extraneous material. In the present case, the suspected opinion of local traders that the seized dried areca nuts were of foreign origin was deemed unreliable and unacceptable, as their origin could not be conclusively determined by mere visual inspection. The court held that the seizure memo lacked valid reasons and set it aside, discharging the bank guarantee and ordering the release of the seized goods within three months.
Interpretation of the phrase "reason to believe" u/s 110 of the Customs Act, which is a crucial safeguard for authorizing officers to conduct searches. The court examined the legal principles governing "reason to believe," emphasizing that it cannot be arbitrary, capricious, or whimsical, and must be based on material evidence. The officer must independently apply their mind and not merely reproduce statutory words mechanically. The reasons must be self-explanatory and cannot be supported by extraneous material. In the present case, the suspected opinion of local traders that the seized dried areca nuts were of foreign origin was deemed unreliable and unacceptable, as their origin could not be conclusively determined by mere visual inspection. The court held that the seizure memo lacked valid reasons and set it aside, discharging the bank guarantee and ordering the release of the seized goods within three months.
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