Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
Transfer of an immovable residential property under a redevelopment agreement constituted a transfer of a capital asset in kind where the owners received constructed floors, an undivided share of land and cash. The ruling applies the principle that indexed cost of acquisition/construction is allowable over the entire transferred property and cannot be confined to the fractional undivided share corresponding to constructed area. The owners were held eligible for the deduction for reinvestment in residential property despite one floor being allotted to the developer; the assessing officer's disallowance of indexation was deleted and the officer directed to verify computation of the deduction.
Transfer of an immovable residential property under a redevelopment agreement constituted a transfer of a capital asset in kind where the owners received constructed floors, an undivided share of land and cash. The ruling applies the principle that indexed cost of acquisition/construction is allowable over the entire transferred property and cannot be confined to the fractional undivided share corresponding to constructed area. The owners were held eligible for the deduction for reinvestment in residential property despite one floor being allotted to the developer; the assessing officer's disallowance of indexation was deleted and the officer directed to verify computation of the deduction.
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