Fair market value under section 50C must reflect existing property condition, not hypothetical development, and statutory valuation steps must be foll...
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The court held that the Original Authority and Revisional Authority misconstrued the scheme and objectives of the Baggage Rules. The petitioner, a foreign national, brought a gold chain and kara by wearing them while arriving from Bangkok, which was not in a concealed manner. The case was found to be squarely covered by the judgments in Pushpa Lekhumal Tulani and Vigneswaran Sethuraman vs. Union of India. Import of gold in India is highly regulated, and bulk importation can only be effected by nominated entities as per regulations. However, Rule 3(1)(h) of the Foreign Trade (Exemption from Application of Rules in Certain Cases) Rules, 1993 provides exemption for import of goods as passenger baggage to the extent permissible under the Baggage Rules.
The court held that the Original Authority and Revisional Authority misconstrued the scheme and objectives of the Baggage Rules. The petitioner, a foreign national, brought a gold chain and kara by wearing them while arriving from Bangkok, which was not in a concealed manner. The case was found to be squarely covered by the judgments in Pushpa Lekhumal Tulani and Vigneswaran Sethuraman vs. Union of India. Import of gold in India is highly regulated, and bulk importation can only be effected by nominated entities as per regulations. However, Rule 3(1)(h) of the Foreign Trade (Exemption from Application of Rules in Certain Cases) Rules, 1993 provides exemption for import of goods as passenger baggage to the extent permissible under the Baggage Rules.
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