Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
For applying s.56(2)(vii)(b), the proviso requires an agreement fixing consideration, identification of stamp duty value as on the agreement date, and part payment by a non-cash mode on or before that date. The allotment letter, containing agreed terms, identified the specific flat, fixed the consideration and payment schedule, and conferred exclusivity; it was enforceable as a valid contract under s.10 of the Contract Act, supported by part payment through banking channels. Accordingly, the stamp duty value as on the allotment date governed, and no taxable difference arose; the addition was deleted and the taxpayer's grounds were allowed. - ITAT
For applying s.56(2)(vii)(b), the proviso requires an agreement fixing consideration, identification of stamp duty value as on the agreement date, and part payment by a non-cash mode on or before that date. The allotment letter, containing agreed terms, identified the specific flat, fixed the consideration and payment schedule, and conferred exclusivity; it was enforceable as a valid contract under s.10 of the Contract Act, supported by part payment through banking channels. Accordingly, the stamp duty value as on the allotment date governed, and no taxable difference arose; the addition was deleted and the taxpayer's grounds were allowed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
