Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
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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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