Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
Land located beyond municipal limits (2.75 km per map and Patwari certificate) qualifies as agricultural land under the statutory definition and is therefore not a capital asset; the appellate finding on this classification is accepted. The assessing officer failed to disclose materials underpinning reassessment, denied the assessee opportunity to rebut or examine that material, and rejected the assessee's evidence, amounting to breach of the audi alteram partem principle. Because the land is agricultural, the alleged receipt of additional cash is immaterial. Reassessment additions are set aside and the AO is directed to delete the additions and give effect to this order.
Land located beyond municipal limits (2.75 km per map and Patwari certificate) qualifies as agricultural land under the statutory definition and is therefore not a capital asset; the appellate finding on this classification is accepted. The assessing officer failed to disclose materials underpinning reassessment, denied the assessee opportunity to rebut or examine that material, and rejected the assessee's evidence, amounting to breach of the audi alteram partem principle. Because the land is agricultural, the alleged receipt of additional cash is immaterial. Reassessment additions are set aside and the AO is directed to delete the additions and give effect to this order.
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