International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
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...
Whether the assessment order was amenable to revision under s.263 for failure to examine taxability of gains from sale of land turned on the absence of inquiry into whether the lands were urban land within municipal limits and hence a "capital asset" under s.2(14). The AO's order addressed only cash deposits and contained no verification or reasoning on the land-sale transactions, effectively accepting the return in a summary manner. Applying s.263 read with Explanation 2 and the principle in Malabar Industrial Co. Ltd. that lack of inquiry renders an order erroneous and prejudicial to Revenue, the revision was upheld and the assessee's challenge was rejected - ITAT
Whether the assessment order was amenable to revision under s.263 for failure to examine taxability of gains from sale of land turned on the absence of inquiry into whether the lands were urban land within municipal limits and hence a "capital asset" under s.2(14). The AO's order addressed only cash deposits and contained no verification or reasoning on the land-sale transactions, effectively accepting the return in a summary manner. Applying s.263 read with Explanation 2 and the principle in Malabar Industrial Co. Ltd. that lack of inquiry renders an order erroneous and prejudicial to Revenue, the revision was upheld and the assessee's challenge was rejected - ITAT
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