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...
Addition under s. 56(2)(vii)(b) for alleged understatement of consideration in purchase of an immovable property was examined where the property was jointly purchased and the AO adopted stamp-duty value as on the year of registration. Since the allotment letter was issued and consideration was paid through banking channels in an earlier year, the relevant stamp-duty valuation had to be taken as on the date of allotment. On that date, the ready-reckoner value was lower than the actual consideration paid, eliminating any taxable difference; consequently, the addition made on the assessee's 50% share was held unsustainable and deleted. - ITAT
Addition under s. 56(2)(vii)(b) for alleged understatement of consideration in purchase of an immovable property was examined where the property was jointly purchased and the AO adopted stamp-duty value as on the year of registration. Since the allotment letter was issued and consideration was paid through banking channels in an earlier year, the relevant stamp-duty valuation had to be taken as on the date of allotment. On that date, the ready-reckoner value was lower than the actual consideration paid, eliminating any taxable difference; consequently, the addition made on the assessee's 50% share was held unsustainable and deleted. - ITAT
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