Deductibility for charitable donations affirmed where payments to approved relief funds, even if CSR-driven, qualify under the donation deduction sche...
Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
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An agreement must be read as a whole; on that basis the authorities correctly found that the JDA constituted a transfer of land chargeable in AY 2005 06, but the court directed that capital gains should not be taxed again in AY 2005 06 where the same sale consideration has already been subjected to tax in AYs 2007 08 and 2008 09. The principle that income is taxable in the relevant assessment year and in the hands of the correct assessee was applied, and the capital gains addition for AY 2005 06 was set aside subject to verification by the Assessing Officer that the consideration was already taxed later.
An agreement must be read as a whole; on that basis the authorities correctly found that the JDA constituted a transfer of land chargeable in AY 2005 06, but the court directed that capital gains should not be taxed again in AY 2005 06 where the same sale consideration has already been subjected to tax in AYs 2007 08 and 2008 09. The principle that income is taxable in the relevant assessment year and in the hands of the correct assessee was applied, and the capital gains addition for AY 2005 06 was set aside subject to verification by the Assessing Officer that the consideration was already taxed later.
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