Customs valuation and classification require comparable evidence and assessment of imported goods in their actual condition, invalidating related pena...
The ITAT adjudicated on the following issues: 1. Cost of acquisition for computing long-term capital gains on sale of ancestral agricultural land: The assessee's valuation report was found unreliable. The matter was remanded to the Assessing Officer to refer it to the District Valuation Officer (DVO) to determine the correct market value as on 01.04.1981, after considering the assessee's objections. 2. Denial of deduction u/s 54F for purchase of new residential property: The ITAT upheld the disallowance, as the assessee failed to establish that a residential house was purchased within the stipulated time. 3. Date of acquisition of new property for Section 54F: The ITAT accepted the assessee's contention that the investment date should be considered as 26.07.2017, when the agreement was executed and full payment was made, despite delayed registration. 4. Addition for unexplained cash deposits in bank account: The ITAT treated cash deposits up to Rs. 15.48 lakhs as explained from agricultural income but confirmed the addition of Rs. 9 lakhs for unexplained cash deposits during demonetization.
The ITAT adjudicated on the following issues: 1. Cost of acquisition for computing long-term capital gains on sale of ancestral agricultural land: The assessee's valuation report was found unreliable. The matter was remanded to the Assessing Officer to refer it to the District Valuation Officer (DVO) to determine the correct market value as on 01.04.1981, after considering the assessee's objections. 2. Denial of deduction u/s 54F for purchase of new residential property: The ITAT upheld the disallowance, as the assessee failed to establish that a residential house was purchased within the stipulated time. 3. Date of acquisition of new property for Section 54F: The ITAT accepted the assessee's contention that the investment date should be considered as 26.07.2017, when the agreement was executed and full payment was made, despite delayed registration. 4. Addition for unexplained cash deposits in bank account: The ITAT treated cash deposits up to Rs. 15.48 lakhs as explained from agricultural income but confirmed the addition of Rs. 9 lakhs for unexplained cash deposits during demonetization.
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