Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
For payments of capital gains to non-resident shareholders on transfer of shares of an Indian unlisted company, the dominant issue was whether TDS at 11.54% was correctly applied by adopting the concessional rate under s.112(1)(c)(iii) rather than applying indexation/other adjustments under the provisos to s.48 to deny such rate. The Tribunal held that the s.48 provisos govern the mode of computation (including foreign currency conversion) and do not displace the concessional rate prescribed under s.112(1)(c)(iii) for the relevant period; the AO had ignored the statutory conditions. The direction to verify remittances and apply 11.54% TDS was upheld, and the Revenue's appeal was dismissed. - ITAT
For payments of capital gains to non-resident shareholders on transfer of shares of an Indian unlisted company, the dominant issue was whether TDS at 11.54% was correctly applied by adopting the concessional rate under s.112(1)(c)(iii) rather than applying indexation/other adjustments under the provisos to s.48 to deny such rate. The Tribunal held that the s.48 provisos govern the mode of computation (including foreign currency conversion) and do not displace the concessional rate prescribed under s.112(1)(c)(iii) for the relevant period; the AO had ignored the statutory conditions. The direction to verify remittances and apply 11.54% TDS was upheld, and the Revenue's appeal was dismissed. - ITAT
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