Person chargeable with duty must be the importer at importation; subsequent purchasers cannot be held liable where beneficial owner rules did not appl...
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...
Long-term capital loss claimed on sale of shares was contested by the assessing officer for lack of documentary proof and questioned valuation; the tribunal found that the assessee produced an independent valuation and net asset value showed sale prices exceeded NAV, and the revenue failed to produce alternative valuation or rebuttal during assessment, appeal or remand proceedings, entitling the assessee to recognition of the LTCL. The AOs selective acceptance of identical losses elsewhere and failure to undertake or furnish its own valuation led to upholding the appellate authoritys allowance of the loss.
Long-term capital loss claimed on sale of shares was contested by the assessing officer for lack of documentary proof and questioned valuation; the tribunal found that the assessee produced an independent valuation and net asset value showed sale prices exceeded NAV, and the revenue failed to produce alternative valuation or rebuttal during assessment, appeal or remand proceedings, entitling the assessee to recognition of the LTCL. The AOs selective acceptance of identical losses elsewhere and failure to undertake or furnish its own valuation led to upholding the appellate authoritys allowance of the loss.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
