Bitumen not ‘Valuable Article’, Carrier of Bitumen not ‘Owner’ u/s 69A of Income Tax Act: Supreme Court [Read Judgement]

Bitumen - Valuable Article - wner - Income Tax Act - Income Tax - Supreme Court - taxscan

In a major ruling the Supreme Court of India observed that bitumen cannot be treated as a ‘valuable article’ under Section 69A of the Income Tax Act, 1961 and the ownership of the goods did not pass to the assessee, who was a mere carrier of goods and whose possession of bitumen began as a…

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