Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
Advance received under an agreement to sell land was held to constitute part performance of transfer rather than forfeiture where no forfeiture clause or evidence of forfeiture existed and the asset remained in the registered names; consequently the amount is not taxable as income from other sources. The advance received will be adjusted against cost of acquisition when the property is ultimately sold and long-term capital gains will be computed accordingly. The characterization turned on absence of forfeiture, existence of part performance/transfer in part performance and the continued legal title in the assessee and spouse.
Advance received under an agreement to sell land was held to constitute part performance of transfer rather than forfeiture where no forfeiture clause or evidence of forfeiture existed and the asset remained in the registered names; consequently the amount is not taxable as income from other sources. The advance received will be adjusted against cost of acquisition when the property is ultimately sold and long-term capital gains will be computed accordingly. The characterization turned on absence of forfeiture, existence of part performance/transfer in part performance and the continued legal title in the assessee and spouse.
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