Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
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An assessing officer must not treat the value adopted by the registering/stamp valuation authority as deemed sale consideration under Section 50C without referring the matter to the departmental Valuation Officer/Valuation Cell to determine fair market value; where the assessee disputed the adopted value and did not participate, the AO should still use the statutory valuation machinery and afford the assessee a reasonable opportunity to be heard and to produce fresh documentary evidence. The assessment was set aside and remitted for valuation by the DVO and recomputation of short term capital gains in accordance with law after hearing the assessee.
An assessing officer must not treat the value adopted by the registering/stamp valuation authority as deemed sale consideration under Section 50C without referring the matter to the departmental Valuation Officer/Valuation Cell to determine fair market value; where the assessee disputed the adopted value and did not participate, the AO should still use the statutory valuation machinery and afford the assessee a reasonable opportunity to be heard and to produce fresh documentary evidence. The assessment was set aside and remitted for valuation by the DVO and recomputation of short term capital gains in accordance with law after hearing the assessee.
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