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 affirmed the CIT(A)'s deletion of the addition, holding that the assessee acted solely as representative/agent of its members and did not derive the development consideration; the assessee received only a refundable deposit. On construction of the registered development agreement, the tribunal found the agreed consideration was payable to individual members who retained ownership of their flats, thereby precluding taxation of the society as transferee under s.2(47)(v) read with s.50C. Consequentially, short-term capital gains attributable to the redevelopment accrued to the individual members, not the assessee, and the revenue's assessment was set aside.
ITAT affirmed the CIT(A)'s deletion of the addition, holding that the assessee acted solely as representative/agent of its members and did not derive the development consideration; the assessee received only a refundable deposit. On construction of the registered development agreement, the tribunal found the agreed consideration was payable to individual members who retained ownership of their flats, thereby precluding taxation of the society as transferee under s.2(47)(v) read with s.50C. Consequentially, short-term capital gains attributable to the redevelopment accrued to the individual members, not the assessee, and the revenue's assessment was set aside.
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