Export obligation removed by notification, customs duty demand invalidated; penalties under s.112 and s.114AA quashed due to inadmissible s.108 statem...
Customs officers must wear and use department-issued body-worn cameras when clearing passenger baggage, with daily secure transfer and 30-day retentio...
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ITAT upheld the CIT(A)'s determination that the surplus from the sale of land is assessable under the head "capital gains" and not as business income, dismissing the Revenue's appeal. The Tribunal concurred with the finding that the properties were divested after a considerable lapse of time and that the assessee lacked intention to carry on a land-trading or real-estate business; consequently the AO's characterization of the transactions as an adventure in the nature of trade was rejected. The ITAT relied on the assessee's prior favorable orders for earlier assessment years as directly applicable and remitted action to the AO to assess the surplus as capital gains in accordance with law.
ITAT upheld the CIT(A)'s determination that the surplus from the sale of land is assessable under the head "capital gains" and not as business income, dismissing the Revenue's appeal. The Tribunal concurred with the finding that the properties were divested after a considerable lapse of time and that the assessee lacked intention to carry on a land-trading or real-estate business; consequently the AO's characterization of the transactions as an adventure in the nature of trade was rejected. The ITAT relied on the assessee's prior favorable orders for earlier assessment years as directly applicable and remitted action to the AO to assess the surplus as capital gains in accordance with law.
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