Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
Revision under Section 263 failed because the Assessing Officer conducted a prima facie inquiry, considered documentary evidence and followed the binding CBDT Instruction treating transfers of unlisted shares as capital gains; the revisional order was therefore neither erroneous nor prejudicial to revenue. The contention that the assessee converted stock-in-trade into a capital asset lacked antecedent findings and could not be raised first at appeal, so the Tribunal rightly declined to entertain it. On facts-long holding period, single isolated sale, investment-intent recorded by board resolution and accounting consistent with investment-the surplus was held to be long-term capital gains, and all substantial questions were answered for the assessee.
Revision under Section 263 failed because the Assessing Officer conducted a prima facie inquiry, considered documentary evidence and followed the binding CBDT Instruction treating transfers of unlisted shares as capital gains; the revisional order was therefore neither erroneous nor prejudicial to revenue. The contention that the assessee converted stock-in-trade into a capital asset lacked antecedent findings and could not be raised first at appeal, so the Tribunal rightly declined to entertain it. On facts-long holding period, single isolated sale, investment-intent recorded by board resolution and accounting consistent with investment-the surplus was held to be long-term capital gains, and all substantial questions were answered for the assessee.
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