Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
ITAT held that contractual rebates conceded by a builder do not give rise to deemed income under the deeming provision where the agreed consideration exceeds the stamp/circle rate and rebates form part of the payment terms, so the addition treating such rebates as income from other sources was deleted. On the exemption claim, the Tribunal found the purchaser's acquisition satisfied the substantive 'purchase' test for residential exemption and that intra-family gifts and co-ownership did not amount to a colourable device to deny eligibility; denial of the exemption was reversed and appeal allowed.
ITAT held that contractual rebates conceded by a builder do not give rise to deemed income under the deeming provision where the agreed consideration exceeds the stamp/circle rate and rebates form part of the payment terms, so the addition treating such rebates as income from other sources was deleted. On the exemption claim, the Tribunal found the purchaser's acquisition satisfied the substantive 'purchase' test for residential exemption and that intra-family gifts and co-ownership did not amount to a colourable device to deny eligibility; denial of the exemption was reversed and appeal allowed.
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