Revenue authority mandates using scheme-specific reversal procedures, not revising original entries, for instrument-based trade/customs benefits effec...
Transaction value under s.15(1) governs unrelated sales; valuation between related parties per Rule 28; consignment note required for unregistered rec...
ITAT allowed the assessee's appeal, following its earlier decision in the connected case of the assessee's spouse for the same transaction, and held that the impugned land was agricultural land. Consequently, the land did not give rise to taxable capital gains and the exemption claim under s.54B could not be denied merely on the AO's allegation regarding intended non-agricultural use by the purchaser or alleged non-compliance with s.63 of the Bombay Tenancy & Agricultural Land Act. ITAT held that the AO's basis for reopening under s.147, premised on alleged failure to fully and truly disclose material facts, was unsustainable, and the reassessment addition was deleted.
ITAT allowed the assessee's appeal, following its earlier decision in the connected case of the assessee's spouse for the same transaction, and held that the impugned land was agricultural land. Consequently, the land did not give rise to taxable capital gains and the exemption claim under s.54B could not be denied merely on the AO's allegation regarding intended non-agricultural use by the purchaser or alleged non-compliance with s.63 of the Bombay Tenancy & Agricultural Land Act. ITAT held that the AO's basis for reopening under s.147, premised on alleged failure to fully and truly disclose material facts, was unsustainable, and the reassessment addition was deleted.
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