Split consignment classification treated complementary motorcycle parts as one imported motorcycle, sustaining valuation, confiscation and importer li...
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Compulsory-acquisition compensation under the National Highways Act that remained unpaid on 31 December 2014 and was received in FY 2015-16 qualified for exemption under section 96 of the RFCTLARR Act. The exemption applied notwithstanding the absence of a specific corresponding exemption in the Income-tax Act, resulting in deletion of the long-term capital-gains addition. Interest received for delayed payment of that compensation was separately taxable as income from other sources under binding jurisdictional High Court precedent. The capital-gains addition was deleted, while the addition for delayed-payment interest was sustained.
Compulsory-acquisition compensation under the National Highways Act that remained unpaid on 31 December 2014 and was received in FY 2015-16 qualified for exemption under section 96 of the RFCTLARR Act. The exemption applied notwithstanding the absence of a specific corresponding exemption in the Income-tax Act, resulting in deletion of the long-term capital-gains addition. Interest received for delayed payment of that compensation was separately taxable as income from other sources under binding jurisdictional High Court precedent. The capital-gains addition was deleted, while the addition for delayed-payment interest was sustained.
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