Person chargeable with duty must be the importer at importation; subsequent purchasers cannot be held liable where beneficial owner rules did not appl...
Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Section 54F relief was held available where sale consideration was invested in a residential house before filing the return under section 139(4), so deposit in the capital gains account was not required. The Tribunal also held that an undivided one-third share in a single contiguous residential property did not amount to ownership of two separate houses, so the assessee was not disentitled on that ground. It further ruled that section 54F must be applied asset-wise: shares of each company were separate capital assets, and long-term capital loss could not be used to deny exemption on gains from other assets.
Section 54F relief was held available where sale consideration was invested in a residential house before filing the return under section 139(4), so deposit in the capital gains account was not required. The Tribunal also held that an undivided one-third share in a single contiguous residential property did not amount to ownership of two separate houses, so the assessee was not disentitled on that ground. It further ruled that section 54F must be applied asset-wise: shares of each company were separate capital assets, and long-term capital loss could not be used to deny exemption on gains from other assets.
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