Home Highlights April 2015 Year 2015 This

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1. Valuation of imported goods - Higher values available on contemporaneous imports NIDB/DGOV data on similar good - The valuation of similar goods depends on factors such...

2. Valuation for the purpose of Wealth tax - WDV of cars was held as basis of market value in the absence of any material produced by the Revenue to show that WDV didn’t...

3. Wealth Tax Liability - Whether Club can be treated as "Association of Person"? - Charging provisions under the Income Tax versus under the Wealth Tax - This argument of...

4. LTCG - fair market value as on 1.4.1981 - The reasonable approach would have been to adopt the valuation in the Wealth Tax Assessment, since the Tribunal holds that the...

5. Valuation - import of desiccated coconut from Sri Lanka - transaction value - appellant could not produce any material evidences to support the declared value -...

6. Valuation of export goods - Iron Ore Fines - transaction value - FOB price - Export duty - The appellant contested this, arguing that unless the Revenue disputes the...

7. Valuation of excisable goods - genuine factory gate price - No documents have been produced before us by the Revenue to substantiate their claim that goods were not sold...

8. Adoption of value of the properties declared by the assessee as per Govt. ready reckoner by rejecting the valuation given by the Approved Valuer for the Wealth Tax allowed - AT

9. Valuation of property - Enhancement in valuation - Land converted from small scale industrial use to 20% residential use - still being used for business - not taxable...

10. u/s 56(2)(vii)(b), the addition was made based on the difference between the stated value and the District Valuation Officer's (DVO) valuation. It was held that an...

11. Wealth tax - Valuation - The market rates referred to by the assessee with regard to other properties which are almost at the rates fixed by the Revenue Authorities...

12. Wealth-tax - any property in the nature of commercial establishments or complexes is excluded from the definition of assets liable for wealth tax - AT

13. Valuation of imported goods - rejection of declared value - enhancement of value - The CESTAT held that since the appellant had voluntarily waived the right to a show...

14. Determination of value u/s 50C - Validity of order of CIT(A) directing the AO to recalculate the capital gain on sale of land taking total value of property of Rs. 6.05...

15. Wealth tax - the commercial asset used by the assessee substantially and partly given on lease are not business assets and thus includible into the 'net wealth' u/s...