Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
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...
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The assessee received two flats in exchange for old properties under a redevelopment agreement. Section 2(47) of the Act defines 'transfer' to include various transactions, including the exchange of a capital asset. Since the assessee exchanged old flats for new flats as per the redevelopment agreement, it constitutes an exchange of capital assets. Therefore, the assessing officer is directed to allow the claim of deduction u/s 54 of the Act, as per the precedent set by the Income Tax Appellate Tribunal in the case of Shri Dilip P. Ahuja.
The assessee received two flats in exchange for old properties under a redevelopment agreement. Section 2(47) of the Act defines 'transfer' to include various transactions, including the exchange of a capital asset. Since the assessee exchanged old flats for new flats as per the redevelopment agreement, it constitutes an exchange of capital assets. Therefore, the assessing officer is directed to allow the claim of deduction u/s 54 of the Act, as per the precedent set by the Income Tax Appellate Tribunal in the case of Shri Dilip P. Ahuja.
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