Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
The article addresses whether aircraft imported under the conditional exemption permitting non-scheduled passenger services may be used for non-scheduled charter services; applying the larger-bench precedent, it concludes such use does not breach the exemption condition and therefore denial of exemption, demand of duty, confiscation and penalties were unjustified and set aside. The operative legal point is that permitted non-scheduled passenger operation encompasses non-scheduled charter operation for purposes of the conditional relief, removing the basis for fiscal consequences previously imposed.
The article addresses whether aircraft imported under the conditional exemption permitting non-scheduled passenger services may be used for non-scheduled charter services; applying the larger-bench precedent, it concludes such use does not breach the exemption condition and therefore denial of exemption, demand of duty, confiscation and penalties were unjustified and set aside. The operative legal point is that permitted non-scheduled passenger operation encompasses non-scheduled charter operation for purposes of the conditional relief, removing the basis for fiscal consequences previously imposed.
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