Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Separately Identifiable Services: transportation found to be the essential character, so Cargo Handling classification and extended limitation rejecte...
Section 47(vii) exemption was held confined to transfers of capital assets on amalgamation and inapplicable where the assessee's shares in the amalgamating company were held as stock-in-trade; in such cases, taxability is governed by Section 28 as business income. For Section 28, mere sanction/appointed date does not trigger charge; the taxable event arises only on actual allotment of new shares, and only if the substituted shares confer a real, presently realisable commercial benefit with ascertainable value. Whether the shares were stock-in-trade or investment, and whether the allotted shares were freely realisable/subject to restrictions, was treated as fact-dependent with burden on Revenue; matter was remitted to the Tribunal, while the legal principle was decided in Revenue's favour and the HC judgment affirmed. - SC
Section 47(vii) exemption was held confined to transfers of capital assets on amalgamation and inapplicable where the assessee's shares in the amalgamating company were held as stock-in-trade; in such cases, taxability is governed by Section 28 as business income. For Section 28, mere sanction/appointed date does not trigger charge; the taxable event arises only on actual allotment of new shares, and only if the substituted shares confer a real, presently realisable commercial benefit with ascertainable value. Whether the shares were stock-in-trade or investment, and whether the allotted shares were freely realisable/subject to restrictions, was treated as fact-dependent with burden on Revenue; matter was remitted to the Tribunal, while the legal principle was decided in Revenue's favour and the HC judgment affirmed. - SC
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