Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Capital gains for AY 2016-17 had to be recomputed by correcting an assessment-year mismatch, excluding a property transfer recorded in the succeeding year and including the deed relating to the year under consideration. The Tribunal also treated one sale entry as a duplicate because the later document merely rectified an error in the earlier deed, so only the corrected transaction could be counted. For the co-owned property sale, where the deed did not specify separate shares, the assessee's taxable share was restricted to one-fifth of the total consideration. The assessment was revised accordingly.
Capital gains for AY 2016-17 had to be recomputed by correcting an assessment-year mismatch, excluding a property transfer recorded in the succeeding year and including the deed relating to the year under consideration. The Tribunal also treated one sale entry as a duplicate because the later document merely rectified an error in the earlier deed, so only the corrected transaction could be counted. For the co-owned property sale, where the deed did not specify separate shares, the assessee's taxable share was restricted to one-fifth of the total consideration. The assessment was revised accordingly.
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