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...
Assessee successfully met the initial burden to prove identity, creditworthiness and genuineness of unexplained cash credits from an investor company; the AO failed to make independent enquiries or produce contrary material, so additions under section 68 were deleted. Assessee's claim of agricultural income, previously accepted in an earlier year and supported by ownership of agricultural land, was held genuine and the related addition was deleted. Assessee also satisfied factual conditions for long term capital gains by acquiring shares through preferential allotment, paying by account payee cheques, holding for requisite period and selling on a recognised stock exchange with STT paid; denial of section 10(38) benefit was reversed.
Assessee successfully met the initial burden to prove identity, creditworthiness and genuineness of unexplained cash credits from an investor company; the AO failed to make independent enquiries or produce contrary material, so additions under section 68 were deleted. Assessee's claim of agricultural income, previously accepted in an earlier year and supported by ownership of agricultural land, was held genuine and the related addition was deleted. Assessee also satisfied factual conditions for long term capital gains by acquiring shares through preferential allotment, paying by account payee cheques, holding for requisite period and selling on a recognised stock exchange with STT paid; denial of section 10(38) benefit was reversed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
