Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
For imported capital goods of a 100% EOU, the controlling condition was installation or use within the bonded premises within the stipulated period; the NFEP-linked duty recovery provision applied to raw materials and consumables, not to capital goods. Since procurement and installation were undisputed, failure to achieve export obligation or NFEP did not by itself justify customs duty on the capital goods, and the duty demand was rightly set aside. The later notification dated 31.03.2003 was held inapplicable because the default period predated it and no retrospective effect was shown. As the duty demand failed, the penalty under Section 112(a) also could not survive.
For imported capital goods of a 100% EOU, the controlling condition was installation or use within the bonded premises within the stipulated period; the NFEP-linked duty recovery provision applied to raw materials and consumables, not to capital goods. Since procurement and installation were undisputed, failure to achieve export obligation or NFEP did not by itself justify customs duty on the capital goods, and the duty demand was rightly set aside. The later notification dated 31.03.2003 was held inapplicable because the default period predated it and no retrospective effect was shown. As the duty demand failed, the penalty under Section 112(a) also could not survive.
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