Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
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...
Section 50C, being a deeming provision, applies only where the capital asset transferred is "land or building or both" and must be strictly construed. The Act elsewhere expressly differentiates transfer of land/building from transfer of "any right" therein; the absence of such language in section 50C shows it does not extend to mere rights or limited interests. On the contemporaneous registered instruments and valuation record, the assessee transferred only a limited, determinable life interest under a trust coupled with an undivided share, not land or building as such; hence the stamp duty valuation could not be substituted under section 50C. The addition sustained under section 50C was deleted. - ITAT
Section 50C, being a deeming provision, applies only where the capital asset transferred is "land or building or both" and must be strictly construed. The Act elsewhere expressly differentiates transfer of land/building from transfer of "any right" therein; the absence of such language in section 50C shows it does not extend to mere rights or limited interests. On the contemporaneous registered instruments and valuation record, the assessee transferred only a limited, determinable life interest under a trust coupled with an undivided share, not land or building as such; hence the stamp duty valuation could not be substituted under section 50C. The addition sustained under section 50C was deleted. - ITAT
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