Jurisprudentiol – Monday's cases
Legal Corner Icon — the image was hosted by the publisher and was not captured.Income Tax
Speculative transaction - Can units of UTI be deemed to be shares and their transactions of sale and purchase be termed as speculative transaction within meaning of Sec 73 - NO, says High Court
THE issue in this case is whether the units of UTI can be deemed to be shares by virtue of the provisions of section 32(3) of the UTI Act, and accordingly their transactions of sale and purchase can be termed as speculative transaction within the meaning of Section 73 of Income Tax Act. And the High Court's answer is NO.
Customs
Eligibility of Notification No. 21/2002-Cus – Parts of drill ship immersed in sea and impossible to be retrieved and re-exported – Revenue cannot expect importer to perform an impossible task - No merit in Revenue appeal: High Court
THE importer, a sub-contractor, imported a drill ship valued at Rs. 148.92 crores meant for oil well drilling operations at PY3 Oil Field by availing exemption under Customs Notification No. dated 01.03.2002. After performance of drilling work, the drill ship was re-exported. However, a part of the drill ship viz., blow out preventer and its accessories sheared off and drowned in the sea which became irretrievable.
Until Monday with more DDT
Have a nice Weekend.
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