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...
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Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Misdeclaration of imported polished marble slabs as unpolished slabs. Excess quantity found during physical verification. Customs duty demanded along with interest and penalty imposed. Importer paid duty, interest, and penalty, requested closure u/s 28(5) and 28(6) of Customs Act, 1962. Commissioner held show cause notice premature for duty demand, proceedings concluded u/s 125. Assessment provisional u/s 18(2), not final. Section 28(4) inapplicable, proceedings rightly concluded u/s 125 for provisional assessments. Mis-declaration covered under case law. Provisional release doesn't affect adjudication jurisdiction. Mentioning wrong provision doesn't vitiate proceedings if authority has requisite power. Redemption fine imposable u/s 125 when goods released under bond. Penalty imposed u/s 112(a), omission of Section 114(AA) penalty. Matter remanded to determine nature of proceedings, allow Section 28(5) and 28(6) benefit if assessment not provisional, else finalize assessment, then demand duty u/s 28(4) and allow amnesty.
Misdeclaration of imported polished marble slabs as unpolished slabs. Excess quantity found during physical verification. Customs duty demanded along with interest and penalty imposed. Importer paid duty, interest, and penalty, requested closure u/s 28(5) and 28(6) of Customs Act, 1962. Commissioner held show cause notice premature for duty demand, proceedings concluded u/s 125. Assessment provisional u/s 18(2), not final. Section 28(4) inapplicable, proceedings rightly concluded u/s 125 for provisional assessments. Mis-declaration covered under case law. Provisional release doesn't affect adjudication jurisdiction. Mentioning wrong provision doesn't vitiate proceedings if authority has requisite power. Redemption fine imposable u/s 125 when goods released under bond. Penalty imposed u/s 112(a), omission of Section 114(AA) penalty. Matter remanded to determine nature of proceedings, allow Section 28(5) and 28(6) benefit if assessment not provisional, else finalize assessment, then demand duty u/s 28(4) and allow amnesty.
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