Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
A penalty notice under section 270A must specify the precise limb of charge to be valid; a notice that fails to disclose whether the penalty is proposed for the applicable specific default is vague and unsustainable in law. Applying this principle, the Tribunal held that the notice was void ab initio because it did not mention the particular limb under which penalty was initiated, and the consequential penalty order was also liable to be quashed.
A penalty notice under section 270A must specify the precise limb of charge to be valid; a notice that fails to disclose whether the penalty is proposed for the applicable specific default is vague and unsustainable in law. Applying this principle, the Tribunal held that the notice was void ab initio because it did not mention the particular limb under which penalty was initiated, and the consequential penalty order was also liable to be quashed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
