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...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Section 54 exemption cannot be denied merely because capital gains were not deposited in the Capital Gain Deposit Scheme before the due date under section 139(1), where the assessee had already purchased a new residential house within the prescribed two-year period. The ITAT treated the deposit requirement as a procedural condition regulating interim use of unutilised capital gains, not a substantive bar capable of defeating timely reinvestment. Since the decisive fact was actual investment in the new house within the statutory period, the hyper-technical denial of exemption was unsustainable. The disallowance was deleted and the exemption was held admissible.
Section 54 exemption cannot be denied merely because capital gains were not deposited in the Capital Gain Deposit Scheme before the due date under section 139(1), where the assessee had already purchased a new residential house within the prescribed two-year period. The ITAT treated the deposit requirement as a procedural condition regulating interim use of unutilised capital gains, not a substantive bar capable of defeating timely reinvestment. Since the decisive fact was actual investment in the new house within the statutory period, the hyper-technical denial of exemption was unsustainable. The disallowance was deleted and the exemption was held admissible.
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