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 Tribunal held that since the Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007 were not followed, the goods cannot be considered prohibited, and consequently, cannot be absolutely confiscated. The valuation adopted by the Revenue by taking the price of original branded goods from an e-commerce site was incorrect as the goods were counterfeit. Since the goods were not liable for absolute confiscation and the enhancement of value by the department was unacceptable, the entire penalties imposed against all the appellants were set aside. The appeal was allowed.
The Tribunal held that since the Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007 were not followed, the goods cannot be considered prohibited, and consequently, cannot be absolutely confiscated. The valuation adopted by the Revenue by taking the price of original branded goods from an e-commerce site was incorrect as the goods were counterfeit. Since the goods were not liable for absolute confiscation and the enhancement of value by the department was unacceptable, the entire penalties imposed against all the appellants were set aside. The appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
