Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
ITAT held that the deeming fiction of deemed valuation cannot be invoked where the stamp valuation is demonstrably erroneous and subsequently rectified; the original inflated stamp duty value lost sanctity and the addition under the deeming provision was deleted. On the beneficial exemption, the tribunal applied substance-over-form: for under construction flats purchased from a builder the acquisition is substantially effected on completion and possession within the statutory period, and the proviso excluding the exemption for ownership of more than one house was not attracted on the admitted facts; exemption under the residential capital gains provision allowed. Consequentially the penalty based solely on the deleted additions was deleted.
ITAT held that the deeming fiction of deemed valuation cannot be invoked where the stamp valuation is demonstrably erroneous and subsequently rectified; the original inflated stamp duty value lost sanctity and the addition under the deeming provision was deleted. On the beneficial exemption, the tribunal applied substance-over-form: for under construction flats purchased from a builder the acquisition is substantially effected on completion and possession within the statutory period, and the proviso excluding the exemption for ownership of more than one house was not attracted on the admitted facts; exemption under the residential capital gains provision allowed. Consequentially the penalty based solely on the deleted additions was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
