Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Transfer of a flat under a development arrangement was held not to generate STCG because the assessee never received possession or "held" the first-floor flat; the buyer was put in vacant possession during construction and conveyance was executed directly, so the assessee's transfer was of undivided land share with attributable improvement cost, warranting LTCG treatment; AO directed to compute LTCG and CIT(A) set aside. Expenditure incurred to deliver a finished area to the original lessor under a pre-existing lease obligation was allowable in computing capital gains under s. 48; addition deleted. Exemption under s. 54(2) was allowed since amounts kept in term deposits were actually utilized for construction within the stipulated period despite not being parked in CGDS; AO directed to grant exemption. - ITAT
Transfer of a flat under a development arrangement was held not to generate STCG because the assessee never received possession or "held" the first-floor flat; the buyer was put in vacant possession during construction and conveyance was executed directly, so the assessee's transfer was of undivided land share with attributable improvement cost, warranting LTCG treatment; AO directed to compute LTCG and CIT(A) set aside. Expenditure incurred to deliver a finished area to the original lessor under a pre-existing lease obligation was allowable in computing capital gains under s. 48; addition deleted. Exemption under s. 54(2) was allowed since amounts kept in term deposits were actually utilized for construction within the stipulated period despite not being parked in CGDS; AO directed to grant exemption. - ITAT
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