Revenue classification: agricultural land treated as capital asset under s.2(14)(iii)(b); consideration fixed at Rs.1,00,44,000; s.54F exemption allow...
Appeal allowed, exemption under section 11 restored for not-for-profit company under section 12A carrying out charitable activities including micro-fi...
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The HC allowed the writ petition in part and modified the impugned provisional release order concerning imported viscose knitted fabric. While leaving the ongoing adjudication undisturbed, the HC held that onerous conditions imposed as a condition precedent to provisional release were excessive and interfered only to the extent of striking down the requirement that the petitioner furnish a Bank Guarantee of Rs. 22,00,000. The court retained other reasonable conditions previously imposed to protect revenue interest. The petitioner's goods were thereby permitted to be released subject to the reduced conditions; the petition was disposed of.
The HC allowed the writ petition in part and modified the impugned provisional release order concerning imported viscose knitted fabric. While leaving the ongoing adjudication undisturbed, the HC held that onerous conditions imposed as a condition precedent to provisional release were excessive and interfered only to the extent of striking down the requirement that the petitioner furnish a Bank Guarantee of Rs. 22,00,000. The court retained other reasonable conditions previously imposed to protect revenue interest. The petitioner's goods were thereby permitted to be released subject to the reduced conditions; the petition was disposed of.
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