Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Foreign customs declarations and importer admissions established undervaluation, supporting sequential value redetermination, differential duty, and m...
Customs seizure safeguards prevent detention-based limitation avoidance and invalidate provisional release conditions for imported vehicles under an i...
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ITAT remanded matter to AO for verification of agricultural land's distance from GHMC municipal limits as of sale date 07.09.2007. Land constitutes capital asset under Section 2(14)(iii)(b) if within 8 km radius of notified municipality. Tribunal upheld CIT(A)'s allowance of Section 54F exemption but clarified investment deadline extends to delayed return filing date under Section 139(4), not merely due date. Section 54B exemption properly restricted to registered sale deed values, rejecting higher agreement amounts. Cost of improvement deduction denied due to insufficient substantiation beyond rough notebook entries. AO directed to allow investments made up to delayed return filing date and verify land distance for capital asset determination.
ITAT remanded matter to AO for verification of agricultural land's distance from GHMC municipal limits as of sale date 07.09.2007. Land constitutes capital asset under Section 2(14)(iii)(b) if within 8 km radius of notified municipality. Tribunal upheld CIT(A)'s allowance of Section 54F exemption but clarified investment deadline extends to delayed return filing date under Section 139(4), not merely due date. Section 54B exemption properly restricted to registered sale deed values, rejecting higher agreement amounts. Cost of improvement deduction denied due to insufficient substantiation beyond rough notebook entries. AO directed to allow investments made up to delayed return filing date and verify land distance for capital asset determination.
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