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 upheld the order of CIT(A) allowing assessee's deduction under s.54F in respect of long-term capital gains from sale of artwork/painting. The Tribunal held that, on the date of transfer, the assessee was the owner of only one residential house, as Villa Nos. 13 and 14 were still under construction and not available for occupation, and were subsequently treated and taxed as business assets on sale. Consequently, the proviso to s.54F, barring relief where more than one residential house is owned, was inapplicable. The disallowance made by the Assessing Officer was set aside and Revenue's appeal was dismissed.
ITAT upheld the order of CIT(A) allowing assessee's deduction under s.54F in respect of long-term capital gains from sale of artwork/painting. The Tribunal held that, on the date of transfer, the assessee was the owner of only one residential house, as Villa Nos. 13 and 14 were still under construction and not available for occupation, and were subsequently treated and taxed as business assets on sale. Consequently, the proviso to s.54F, barring relief where more than one residential house is owned, was inapplicable. The disallowance made by the Assessing Officer was set aside and Revenue's appeal was dismissed.
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