Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
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Revenue records prevailed over guideline-value entries in determining whether the land was agricultural, and clear evidence of agricultural classification and activity required exclusion of the land from the definition of capital asset for capital gains tax. The HC held that the Tribunal and first appellate authority misread the material, ignored revenue records, sale deeds, photographs and agricultural income evidence, and wrongly treated the land as non-agricultural; that finding was reversed in favour of the assessee. The Court also held that the Tribunal had jurisdiction to revisit the assessments and entertain appeals from both sides, so its competence was upheld even though its merits reasoning was disapproved.
Revenue records prevailed over guideline-value entries in determining whether the land was agricultural, and clear evidence of agricultural classification and activity required exclusion of the land from the definition of capital asset for capital gains tax. The HC held that the Tribunal and first appellate authority misread the material, ignored revenue records, sale deeds, photographs and agricultural income evidence, and wrongly treated the land as non-agricultural; that finding was reversed in favour of the assessee. The Court also held that the Tribunal had jurisdiction to revisit the assessments and entertain appeals from both sides, so its competence was upheld even though its merits reasoning was disapproved.
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