Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Section 50C applies only to transfers of capital assets and not to sale of stock-in-trade assessed as business income. Where real estate plots are claimed to form business inventory, the decisive question is whether the assessee was carrying on a real estate business and held the lands as stock-in-trade; the Tribunal remitted that limited factual issue to the Assessing Officer for fresh examination and directed deletion of the addition if the claim is proved. The connected penalty matters under sections 271D and 271(1)(c) were also restored for fresh adjudication because they depended on the remanded quantum issue.
Section 50C applies only to transfers of capital assets and not to sale of stock-in-trade assessed as business income. Where real estate plots are claimed to form business inventory, the decisive question is whether the assessee was carrying on a real estate business and held the lands as stock-in-trade; the Tribunal remitted that limited factual issue to the Assessing Officer for fresh examination and directed deletion of the addition if the claim is proved. The connected penalty matters under sections 271D and 271(1)(c) were also restored for fresh adjudication because they depended on the remanded quantum issue.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
