Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
Reopening under ss. 148A(3)/148 was challenged on the ground that the alleged escapement based on stamp duty valuation mismatch and payment routing to a confirming party could not trigger s. 56(2)(x) where the land was held as stock-in-trade. The Court held that s. 56(2)(x) applies only on receipt of a capital asset, whereas the assessee consistently disclosed the land as stock-in-trade in its books. It further held that the AO had already examined stamp duty vis-Ã -vis consideration, ledger entries, agreements, and confirmations from the landowners and the confirming party in the regular assessment, and the payment explanations were not an afterthought. Continuation of reassessment was held to be an abuse of statutory power; the impugned order and notice were quashed. - HC
Reopening under ss. 148A(3)/148 was challenged on the ground that the alleged escapement based on stamp duty valuation mismatch and payment routing to a confirming party could not trigger s. 56(2)(x) where the land was held as stock-in-trade. The Court held that s. 56(2)(x) applies only on receipt of a capital asset, whereas the assessee consistently disclosed the land as stock-in-trade in its books. It further held that the AO had already examined stamp duty vis-Ã -vis consideration, ledger entries, agreements, and confirmations from the landowners and the confirming party in the regular assessment, and the payment explanations were not an afterthought. Continuation of reassessment was held to be an abuse of statutory power; the impugned order and notice were quashed. - HC
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