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 allowed the assessee's appeal regarding disallowance of LTCG exemption under section 10(38). The assessee received shares of Twenty First Century India Ltd through court-approved amalgamation after Income Tax Department issued No Objection Certificate to Calcutta HC on 24.12.2010. ITAT held that the Department cannot subsequently declare the same company as bogus paper company merely based on Ashok Kumar Khemka's statement, creating contradictory positions. The tribunal found AO and CIT(A) findings unsound and lacking proper appreciation. Additionally, ITAT deleted additions related to DLC Exports Ltd shares trading as Revenue failed to produce documentary evidence despite assessee's categorical denial of any dealings. Both additions were deleted and section 10(38) exemption was allowed to the assessee.
ITAT allowed the assessee's appeal regarding disallowance of LTCG exemption under section 10(38). The assessee received shares of Twenty First Century India Ltd through court-approved amalgamation after Income Tax Department issued No Objection Certificate to Calcutta HC on 24.12.2010. ITAT held that the Department cannot subsequently declare the same company as bogus paper company merely based on Ashok Kumar Khemka's statement, creating contradictory positions. The tribunal found AO and CIT(A) findings unsound and lacking proper appreciation. Additionally, ITAT deleted additions related to DLC Exports Ltd shares trading as Revenue failed to produce documentary evidence despite assessee's categorical denial of any dealings. Both additions were deleted and section 10(38) exemption was allowed to the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
