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...
The dominant issue was whether the AO had jurisdiction under s.55A (as applicable to AY 2011-12) to refer the property to the Valuation Officer for determining fair market value for capital gains computation. The Tribunal held that s.55A can be invoked only when the AO forms a reasoned opinion that the assessee's claimed fair market value/cost of acquisition requires substitution based on the prescribed statutory parameters; a mere perception that the declared consideration was lower by more than 25% is not a permissible basis. Since the Act does not authorize disturbing sale consideration through s.55A on that ground, the reference was invalid and the assessee's appeal was allowed. - ITAT
The dominant issue was whether the AO had jurisdiction under s.55A (as applicable to AY 2011-12) to refer the property to the Valuation Officer for determining fair market value for capital gains computation. The Tribunal held that s.55A can be invoked only when the AO forms a reasoned opinion that the assessee's claimed fair market value/cost of acquisition requires substitution based on the prescribed statutory parameters; a mere perception that the declared consideration was lower by more than 25% is not a permissible basis. Since the Act does not authorize disturbing sale consideration through s.55A on that ground, the reference was invalid and the assessee's appeal was allowed. - ITAT
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