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...
The appellate tribunal held that there was no dispute regarding the transferability of the DFRC license. The appellants were unaware of the license holder after selling it, and it was the buyer's responsibility to register at the port of export and apply for Telegraphic Release Advice (TRA) as per the relevant public notice. The facts did not establish any mischief or wrongdoing by the appellants concerning the alleged change claimed by the revenue authorities. Since the appellants' role was unclear, imposing a penalty on them was not in accordance with the law. Consequently, the impugned orders were set aside, the penalty imposed on the appellants was deleted, and the appeal was allowed.
The appellate tribunal held that there was no dispute regarding the transferability of the DFRC license. The appellants were unaware of the license holder after selling it, and it was the buyer's responsibility to register at the port of export and apply for Telegraphic Release Advice (TRA) as per the relevant public notice. The facts did not establish any mischief or wrongdoing by the appellants concerning the alleged change claimed by the revenue authorities. Since the appellants' role was unclear, imposing a penalty on them was not in accordance with the law. Consequently, the impugned orders were set aside, the penalty imposed on the appellants was deleted, and the appeal was allowed.
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