Steel-timber construction shuttering/formwork tariff classification dispute: essential character held steel, classified as shuttering under Heading 73...
Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal d...
Charitable tree plantation and maintenance for environmental preservation treated as "charitable activity", exempt from GST under Notification 12/2017...
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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