Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
ITAT resolved two key issues for A.Y. 2017-18 involving a real estate developer's tax treatment of unsold flats. The tribunal held that notional rental income cannot be attributed to unsold flats held as stock-in-trade under section 22. The flats, being part of circulating capital and inventory intended for sale, do not satisfy the condition of "property not used for business purposes". Additionally, stamp duty, registration, and legal fees were deemed legitimate business expenses. The tribunal deleted the Assessing Officer's income addition and disallowance, ruling comprehensively in favor of the assessee based on the statutory provisions, asset nature, and judicial precedents.
ITAT resolved two key issues for A.Y. 2017-18 involving a real estate developer's tax treatment of unsold flats. The tribunal held that notional rental income cannot be attributed to unsold flats held as stock-in-trade under section 22. The flats, being part of circulating capital and inventory intended for sale, do not satisfy the condition of "property not used for business purposes". Additionally, stamp duty, registration, and legal fees were deemed legitimate business expenses. The tribunal deleted the Assessing Officer's income addition and disallowance, ruling comprehensively in favor of the assessee based on the statutory provisions, asset nature, and judicial precedents.
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