Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
Rental receipts from the assessee's property were held to retain the character of income from house property because the assessee had consistently offered them under that head in earlier scrutiny assessments and the Revenue gave no basis to treat them as business income; deduction under section 24(a) was therefore allowed. The Tribunal also held that expenditure on renovation and erection of a temporary office structure, supported by bills and vouchers, was incurred to facilitate business more efficiently and was not shown to create an enduring capital asset; depreciation on the temporary structure was accordingly allowable.
Rental receipts from the assessee's property were held to retain the character of income from house property because the assessee had consistently offered them under that head in earlier scrutiny assessments and the Revenue gave no basis to treat them as business income; deduction under section 24(a) was therefore allowed. The Tribunal also held that expenditure on renovation and erection of a temporary office structure, supported by bills and vouchers, was incurred to facilitate business more efficiently and was not shown to create an enduring capital asset; depreciation on the temporary structure was accordingly allowable.
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